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NJ Sets New Affordable Housing Quotas: Check Your Town's Numbers NJ Sets New Affordable Housing Quotas: Check Your Town's Numbers
NJ Sets New Affordable Housing Quotas: Check Your Town's Numbers Municipalities across New Jersey must add or rehabilitate approximately 146,000 affordable housing units by 2035. Last week, the Department of Community Affairs released non-binding calculations for every town across the Garden State by a new law requiring each town to meet a specific obligation. You can click here to see the numbers in your town (page 20). The list includes two sets of numbers: "Present Need" and "Prospective Need." Present Need refers to renovating existing substandard units while Prospective Need refers to the number of new units that each municipality must create. Whi…

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by Cecilia Levine
Real Estate
Why This NJ Cape Is Realtor's Hottest Property Why This NJ Cape Is Realtor's Hottest Property
Why This NJ Cape Is Realtor's Hottest Property Elizabeth Morris is having no trouble at all selling the property at 11 Mayfair Dr. At approximately 1,100-square-feet with three bedrooms and two bathrooms, the West Orange Cape Cod house is, well, ordinary. But it's updated. It's in a quiet neighborhood with good school systems.  Oh, and it's affordable. "It's a sad function of our market right now," said Morris, of Prominent Properties Sotheby's International Realty, speaking to the high price point of residential real estate. "There's no inventory and virtually none under $500,000 for a single-family home." According to Roc…

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by Cecilia Levine