Affordable Housing refers to households in which the total costs reflect no more than 50% of the median household income, or no more than 80% of the median gross household income for low and moderate household sizes, respectively. To be eligible for an affordable unit, applicants must earn a limited amount of income and have limited assets to be qualify as either a low or moderate income household. Low or moderate income housing in the State of New Jersey is typically not “subsidized” housing. These figures are determined by region; Millburn’s regional income limits for moderate, low and very low income can be found here.
Rental and sales prices are determined by methodologies, which are approved by court order and are below-market rents or prices. The rent or sale price is based upon a percentage of the designated income limits that can be reasonably allocated to housing costs within a particular household size. Affordable housing units are individually owned or rented and managed by private companies. Regulations establish a specific bedroom mix for the affordable units consisting of 1, 2, and 3-bedroom units.