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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Money</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Mon, Apr 9 2012, 12:13 pm EDT<span class="gen"> </span> Post subject: Use Affordable Housing Money</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">N.J. towns should use affordable housing money quickly Star-Ledger Editorial Board <br /> <br />It’s unconscionable that Gov. Chris Christie is attempting to grab money earmarked for affordable housing to inflate his irrationally exuberant budget. You know, the one where everyone gets a 10 percent income tax cut. <br /> <br />But he’s not the only villain in this story. The towns that have left this money sitting in bank accounts share the blame. And there is still time for them to change course. <br /> <br />The money in question is raised through fees that state law imposes on new development. The money is supposed to be used to expand the supply of affordable housing. In 2008, the state gave towns four years to use it or lose it. Since then, 30 municipalities have spent nearly $100 million on these projects — a big win in a state with such expensive housing. <br /> <br />But nearly 200 towns are sitting on their money, a total of nearly $170 million. By law, they have until July 17 to tap those funds. <br /> <br />The laggard towns complain that state rules are vague, and that it’s not clear exactly what the law means when it says they must “commit” the funds. The New Jersey State League of Municipalities says it has been “overwhelmed” with questions and has asked for a deadline extension. <br /> <br />That’s not likely to happen. For one, the governor has that 10 percent tax cut to pay for. And let’s face it: He has never taken the state’s housing crisis seriously. He has tried to drive a stake through the heart of the despised Council on Affordable Housing, an agency that was overly prescriptive about how much affordable housing a town had to build, and where. But he hasn’t taken the next step by offering a better solution. <br /> <br />As for the towns, the irony is that the same folks who bristled at too much COAH meddling are pleading for more explicit directions. It seems clear that many towns didn’t spend this money because they didn’t want more low-income housing within their borders. If the rules are really so vague, how did the other municipalities figure out how to spend $100 million? <br /> <br />Our hope is the towns move quickly and commit this money to good projects before the July deadline. If the money is gone, the governor can’t grab it. In other words, just do it.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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