It is an opportunity for households with low and moderate income, defined as 50% or less of median gross household income based on household size, or between 50% and 80% of median gross household income based on household size, respectively. In more general terms, to be eligible for an affordable unit, applicants must earn a limited amount of income and have limited assets to be qualified 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 identified 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 reasonably be allocated to housing costs within a particular household size. Affordable 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.