Cranbury Forum | Bulletin | Info Sharing
[Click here to bookmark this page: http://cranbury.info]
▪
Cranbury School
▪
Cranbury Township
▪
Cranbury Library
▪
Cranbury.org
▪
Cranburyhistory.org
(Press Ctrl and = keys to increase font size)
Search
Register (optional)
Log in to check your private messages
Log in
[http://cranbury.info]
->
News | Events
Post a reply
Username
Subject
Message body
Emoticons
Font colour:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Indigo
Violet
White
Black
Font size:
Tiny
Small
Normal
Large
Huge
Close Tags
[quote="Guest"]JD, How are owned homes under COAH taxed? I assume they are taxed at market rate with an assessment equal to the sale price or at the very least taxed. Under an ownership model at least the COAH homes (unless they are free of property taxes) would lead to at least a slight offset as opposed to rental units which would contribute no tax revenue. The only concern I have with ownership is that no screening can take place and removing people at least is a possibility under rentals as opposed to no possibility under owned homes. However, that's really a slight issue since there are bigger items to consider.[/quote]
Options
HTML is
ON
BBCode
is
ON
Smilies are
ON
Disable HTML in this post
Disable BBCode in this post
Disable Smilies in this post
All times are GMT - 4 Hours
Jump to:
Select a forum
Topics
----------------
News | Events
School | Parenting
Blogs by Cranbury Residents
Shopping | Good Deals | Price Talk
Home Sweet Home
House For Sale
Home Sales Pricing Records
Financial | Stocks | Mutual Funds
Cool Bytes & Bits
Garage Sale | ForSale Ads | Things to Trade
Tech Related (PC, Internet, HDTV, etc.)
Interesing and Fun Stuff to Share
What's Your Favorite?
Interests | Hobbies
Cranbury History
Radom Thoughts | Sports | Kitchen Sink
Amazon Deals
Local Business Info
----------------
Local Business Ads (FREE)
Support
----------------
Daily Sponsored Message & Amazon Ads
About Us | Your Privacy | Suggestion | Sponsored
Test Area (Practice your posting skills here)
Topic review
<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>Jersey Dad</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: Fri, Feb 20 2009, 8:30 pm EST<span class="gen"> </span> Post subject: Re: Reconsidering 100% Rentals</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Unlike SCCOAH, who manages affordable housing for Princeton, Piazza and Associates does NOT do criminal background checks on prospective renters. Even so, it is not clear if they can use background checks to screen out potentially dangerous tenants.</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> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" 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: Fri, Feb 20 2009, 5:33 pm EST<span class="gen"> </span> Post subject: Re: Reconsidering 100% Rentals</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">According to today's Star-Ledger- </span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>Quote:</b></span></td> </tr> <tr> <td class="quote">Nearly two-thirds of the 14,000 adult inmates released every year are back in to jail within five years.</td> </tr></table><span class="postbody"> <br /> <br />With rental units, Piazza & Associates can do criminal background checks as part of the application process to help protect the saftey of other tenants and Township residents.</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> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Jersey Dad</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: Tue, Nov 11 2008, 11:54 pm EST<span class="gen"> </span> Post subject: Re: Reconsidering 100% Rentals</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Cranbury has two 100 percent affordable family rental developments (not including SERV), both of which are substantially smaller than what has been proposed and the oldest of which is 6 years old. <br /> <br />My understanding is when Cranbury commits to affordable family developments, we commit for 30 years. That said, I'm not sure anyone knows what the COAH rules will be 30 years from now.</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> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" 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: Tue, Nov 11 2008, 11:22 pm EST<span class="gen"> </span> Post subject: Re: Reconsidering 100% Rentals</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>Quote:</b></span></td> </tr> <tr> <td class="quote">Affordable rental housing is a 30 year commitment. </td> </tr></table><span class="postbody"> <br /> <br />I'm confused about this. I thought that the owned units after 30 years reverted to market rate and we lose the unit as part of our affordable housing stock. Can you please explain?</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> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</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: Tue, Nov 11 2008, 7:49 pm EST<span class="gen"> </span> Post subject: Re: Reconsidering 100% Rentals</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">JD, <br /> <br />How are owned homes under COAH taxed? I assume they are taxed at market rate with an assessment equal to the sale price or at the very least taxed. <br /> <br />Under an ownership model at least the COAH homes (unless they are free of property taxes) would lead to at least a slight offset as opposed to rental units which would contribute no tax revenue. <br /> <br />The only concern I have with ownership is that no screening can take place and removing people at least is a possibility under rentals as opposed to no possibility under owned homes. However, that's really a slight issue since there are bigger items to consider.</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> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Jersey Dad</b></span></td> <td class="row2" 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: Tue, Nov 11 2008, 7:29 pm EST<span class="gen"> </span> Post subject: Reconsidering 100% Rentals</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"><span style="text-decoration: underline"><span style="font-weight: bold">Why should Cranbury consider a mix of ownership and rental units?</span></span> <br /> <br />The strategy of the 2005 Plan was 100% rental units, to "maximize bonus credits". At the time, all rentals received COAH bonus credits. Also, landlords enjoy a modicum of additional control, although not much. It is illegal to screen-out or remove many potentially bad tenants, except for credit or non-payment issues. <br /> <br />Now, the rules have changed. There is a cap on bonus credits. If Cranbury builds 100% rental units in Round 3, we will exceed the cap and we will not get bonus credits for an estimated 22 rental units. <span style="font-weight: bold">We do not need to build 100% rentals to maximize bonus credits.</span> <br /> <br />A mix of ownership units has advantages for residents and neighbors, is consistent with successful strategy of other CHA developments and has financial advantages for Cranbury. <br /> <br /><span style="text-decoration: underline">Advantages to residents and neighbors </span> <br />* Pride of ownership and the American Dream <br />* With the opportunity to build equity comes a vested financial interest in the community. <br />* Residents and neighbors alike benefit from a stronger community and greater security. <br /> <br /><span style="text-decoration: underline">Consistency </span> <br />* Cranbury has two 100% affordable family rental developments. Old Cranbury Road is brand new and Bennet Place is only 6 years old. Affordable rental housing is a 30 year commitment. <br />* These developments are only 20 and 16 units, respectively, smaller than the proposed ranges in the plan. <br />* Bergen Drive , Danser and South Main are 75% owner occupied . <br /> <br /><span style="text-decoration: underline">Financial advantages for Cranbury </span> <br />* We could sell 20 units for $2 million (based on average prices). <br />* Savings = about $1,500 for every household in Cranbury (more when you consider financing). <br />* Plus, operational costs of rental units are higher than ownership units. Paint, carpet, appliances, turnover- all increase management expenses. Rental units generate less than $1 dollar per day for Cranbury. <br /> <br /><span style="font-weight: bold">Where practical, a mixture of ownership units in the village could be a win-win-win! </span></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>
Search
Register (optional)
Log in to check your private messages
Log in
Search
Register (optional)
Log in to check your private messages
Log in