Department of Agriculture (USDA) provides federal subsidies to build and operate income-restricted apartments in rural areas. The low-income tax credit program uses federal income tax incentives to finance affordable rental housing. The 202 and 811 programs fund income-restricted apartments for the elderly and disabled. The Section 221 and 236 programs are mortgage subsidies to owners of multifamily apartments. Section 8 vouchers go to households and moves with them. Section 8 grants provide rent subsidies to affordable housing owners and operators. HUD administers other federal grants named for various sections of national housing acts. It is the oldest and largest source of income-restricted housing in the country. Department of Housing and Urban Development (HUD). Public housing is owned and operated by local public housing authorities (PHAs) with grants from the U.S. Some housing programs are intended for lower-income households with earnings between 30 and 50 percent of MFI, while some programs are for very low-income households with earnings at or below 30 percent of MFI. Typically, federal and state housing programs restrict eligibility to households with earnings that must be at or below 80 percent of the median family income (MFI) for the county where the housing is located. The State of New Jersey has income standards, too, which vary slightly from the federal standards but operate similarly. Federal income requirements for New Jersey can be found on the HUD website at: Department of Housing and Urban Development (HUD) publishes federal income standards, which vary by county and household size. The last column shows the program or programs that fund or regulate the development.Īll the programs specify income limits. Agents should have information on the requirements for living in the affordable development. This can be an owner, developer, or property manager, public agency, church group, or other nonprofit organization. “Age” refers to age-restricted housing for individuals 55 years and older or 62 years and older.“Special” refers to special-needs housing and includes veterans housing, homeless shelters, and group homes for the developmentally disabled.įor most of the units, a contact is listed. “Family” housing is open to those who meet income requirements. The housing programs in this Guide are shown in the table below. Each entry identifies the name of the development, the street address, information on whether the unit is for rent or sale, and housing type. This Guide lists affordable housing by county and municipality. Most of the developments are funded by the federal government or state programs. Affordable housing comes in different varieties, so becoming knowledgeable about housing programs can help in your search. This Guide to Affordable Housing lists income-restricted affordable housing units for rent and for sale in New Jersey. (updated March 16, 2022) Introduction - How to Use the Guide
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