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The Mount Laurel doctrine is a significant judicial doctrine of the New Jersey State Constitution.The doctrine requires that municipalities use their zoning powers in an affirmative manner to provide a realistic opportunity for the production of housing affordable to low- and moderate-income households.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Many units are provided by community development corporations (CDCs). They use private funding and government subsidies to support a rent-geared-towards-income program for low-income tenants. [7] [8] [clarification ...
In 1983, the New Jersey State Supreme Court determined that the inclusion of affordable housing would satisfy a municipality’s state constitutional obligations to house the poor, and then in 1986, U.S. Congress authorized the Low Income Housing Tax Credit (LIHTC) program, which provided a tax credit to private developers who included ...
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Privately owned, the buildings were intended to bring middle-income families to the area of the Christopher Columbus Homes — a cluster of low-income apartment buildings, or public housing projects, which were eventually demolished. [9] [10] The Pavilion Apartments were sold in April 2018.
New Jersey is one of the wealthiest states in the United States of America, with a per capita income of $35,928 (2012) and a personal per capita income of $50,781 (2010). [1] [2] Its median household income is $71,637 (2012) and its median family income is $87,389 (2012), both the second highest in the country. [3]
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