AFFORDABLE (MT. LAUREL) HOUSING RESOURCE
Summary of Affordable Housing
Eligibility for the New Jersey Fair Share Housing (Mt. Laurel) Program is determined by gross annual household income. To qualify for NJ Fair Share Housing, your income must be no more than 80% of median for moderate income or 50% of median for low income. For most NJ Fair Share Housing projects, an income of at least 35% of median is required to meet housing costs.
Income includes, but is not limited to, salary or wages (including regular overtime) alimony, child support, social security, benefits, pensions, business income, and actual or imputed interest earned from assets (which include bank accounts, CD's, stocks, bonds and other securities), and real estate.
Region 3 Income Limits - Adopted April 8, 2009 Somerset, Hunterdon & Middlesex Counties |
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| Family Size | 1 Person | 2 Person | 3 Person | 4 Person | 5 Person |
| Median | $70,070 | $80,080 | $90,090 | $100,100 | $116,116 |
| Moderate | $56,056 | $64,064 | $72.072 | $80,080 | $92,893 |
| Low | $35,035 | $40,040 | $45,045 | $50,050 | $54,054 |
Please call the Housing Resource Center (908) 704-8901, if you have questions about NJ Fair Share Housing or other affordable housing options.
Somerset County Municipal Housing Officers and Monthly Availability List
(908) 704-8901The following Somerset County Towns have available units in their NJ Fair Share Housing Program (Mt. Laurel) as of March 1, 2010. Please remember that availability can change daily and this list is only updated once a month by SCCOAH. Feel free to contact the individuals who handle the units that you are interested in and ask them any pertinent questions you have. You should also inquire as to their process for buying or renting a unit. If you get a recording when trying to contact any of the people below, leave a detailed message with the best phone numbers and way to reach you. We encourage you to visit www.njhousing.gov for other units that may be of interest to you.
To ensure that your application (s) can be processed by the Somerset County Coalition on Affordable Housing (SCCOAH), it is necessary to include ALL of the below information which is REQUIRED documentation. Any missing items will delay the process and make you ineligible to be considered for units until all requirements are met. For every household member 18 years of age or older the documentation listed below is also required:
1) ____ All applicable sections of the application must be completed and signed. If you submit more than one application, a full/separate set of documents is required for every application. Co-applicant(s) are those that will be on the lease or those that will be on the legal documents (deed, mortgage, affordable housing doc's, etc.) if purchasing.
2) ____ Copies of complete (all pages) of Tax returns for 3 consecutive years, both Federal (1040 not W-2 forms) and State. If you cannot locate your federal tax return, copies can be obtained - call 1-800-829-1040. If you did not file a return for any year, a notarized letter is required (see #6 below).
Federal Taxes: ___ 2008 ___ 2007___ 2006
State Taxes: ___ 2008 ___ 2007___ 2006
Other tax years will only be considered with proof that you filed an IRS/State extension
3) ____ Four (4) consecutive and current pay stubs for each household member over 18
Note: If you don't have four pay stubs you can submit: A letter from your employer, on letterhead, indicating length of employment, gross annual income or number of hours worked per week and the hourly wage. We must receive the original signed employer letter. Note: As of 5/5/05 income from full time students is not calculated into household gross income for certification purposes. However proof from their school must be submitted to prove they are full time students.
4) ____ Copies of recent checking and savings account statements (all pages)
i.e. if statement has 1 through 6 pages, we must have all 6 pages of the statement.
5) ____ Documentation to confirm income from any of the following applicable sources:
____ Pension – 4 current and consecutive payment stubs or statements or copies of checking account statements or written proof from the Pension Company
___ Social Security- recent Benefits letter or copies of 4 social security checks/stubs
___ Unemployment Compensation - Benefits letter and copies of 4 payment stubs
___ Section 8 or rental assistance – a valid voucher or other written proof
___ Child Support - copy of the divorce or separation agreement with signatures and copies of four current and consecutive pay stubs or receipts with a letter from the payor and payee stating amount paid and received. Letters must be notarized
____ If you are paying child support or alimony to another household, it is not included as part of your income, but documentation of the amounts must be submitted
___ Documentation to confirm interest income/proof of assets - recent statements including IRAs, Savings Bonds and other Retirement accounts including 401Ks
___ Any other sources of income must be documented, written proof is required
___ Written pre approval If applying to purchase (see item #8 for more information)
6) ____ Circumstances when you will need a notarized letter:
- If you do not earn an income
- Did not file tax returns for any year noted above
- Do not own a bank checking account, or savings account
- If you are going through a divorce
- Own a home or property (contact SCCOAH for a list of documents and information that need to b submitted)
Explain the specifics of your situation in writing, sign, and date and have the letter notarized. SCCOAH has two notaries on staff, who can notarize your documents at no cost---THIS REQUIRES YOU TO MAKE AN APPOINTMENT.
WE REQUIRE ORIGINALS FOR ALL LETTERS SUBMITTED. For property owners we require copies of the deed, tax assessment, mortgage statement and a letter stating the amount of proceeds and what they will be used for.
7) ____ If you are pregnant and wish to count the unborn child, please note that we need confirmation of your expected due date.
8) ____If purchasing a unit a written pre-approval from a financial organization is required that states the amount they are willing to lend you and the letter MUST say Pre-Approved. It also must have the names of all applicants on the letter. Please make sure you tell your lender you are applying for an affordable housing unit. Make sure they are aware that there are liens that go with these affordable properties. They need to put something in their pre-approval stating that they understand they would be in 1st position and there are legal documents that will go in 2nd and 3rd positions at closing.
NOTE: Since June 2008 SCCOAH is aware that underwriting requirements (conditions that must be satisfied before a loan can be approved) are more restricitve. Down payment requirements are likely to be raised. Underwriting changes (rule changes about down payment and other items) only apply to loans locked and submitted before a specific date otherwise whatever is current (even if different) will be applied by the lender.
NOTE: The estimated monthly housing cost for a unit (including principal, interest, taxes, homeowner and private mortgage insurance and condominium and howeowner association fees as applicable) should not exceed 33% of your household's eligible monthly income. SCCOAH is a HUD approved non-profit housing counseling agency. It is suggested that in most situations households should not be pre-approved for more than 3 times their gross household income.
SCCOAH may certify your household even if your housing cost could exceed 33% in certain circumstances. For example: In addition to a firm mortgage commitment at a higher level by a licensed financial institution the borrower(s) received counseling from an approved non-profit counselor regarding the advisability of the loan transaction and the outcome of the counseling proves applicants can meet their housing and other obligation(s).