$230 Million Stimulus Available Today;
$15 to $25 Billion Over Next Decade
3,165 Supportive Units Identified
The Fair Share Housing Center (FSHC) has published the first analysis of the housing plans submitted by 268 municipalities. The report, Jumpstarting the Economy by Creating Housing: What COAH Really Means For New Jersey’s Communities, emphasizes the ability of municipalities to provide an immediate cash infusion to New Jersey’s economy using funds that have been collected to meet COAH’s fair share requirements.
The report, Jumpstarting the Economy by Creating Housing: What COAH Really Means For New Jersey’s Communities, documents the amounts municipalities have collected as well as summary of submitted COAH plans. In the 268 municipalities that submitted plans, a total of three thousand one hundred and sixty-five (3,165) supportive and special needs housing units have been included.
Click here to read the full report.
These are some of the highlights:
According to the report, housing plans submitted by municipalities to respond to new Council on Affordable Housing (COAH) rules, many towns took innovative approaches – freeing up $230 million in existing funds for new housing and cutting regulatory barriers expected to result in $15 to $25 billion in new private sector development over the next decade.
“Banks aren’t making loans and the state is experiencing a budget crunch, but municipalities have $230 million that they could spend tomorrow if COAH directed them to do so. We’re calling on Governor Corzine and COAH to direct municipalities to stop hoarding money and to start spending those funds to help with the state’s economic recovery,” said Kevin D. Walsh, Associate Director of FSHC. The full report includes a list of how much each municipality has is included in the report.
The report prepared by FSHC also details how COAH can help the economy by expediting review of plans. “The new plans remove regulatory barriers that will allow private investment of $15 to $25 billion in the next decade, much of it through redevelopment of dilapidated shopping centers and parking lots,” FSHC Staff Attorney Adam Gordon said. “If COAH strengthened its rules, we could see $9 to $15 billion more in development on top of the $15 to $25 billion. That is economic development that New Jersey needs to encourage, not roll back.”
Camden County NAACP President Colandus (‘Kelly”) Francis, speaking on behalf of the New Jersey State NAACP, said the report confirms the soundness of the changes made by the Legislature in last year’s landmark housing bill. “New Jersey can make progress in economic development and building homes for low- and moderate-income families – those two goals do not conflict,” Francis said.
To read the full press release click here.
To read the full report click here.
