Moorestown Council Expresses Intent to Bond in Case of Affordable Housing Catastrophe

Moorestown, NJ -- Moorestown Council unanimously approved a resolution that expresses its intent to bond in the event of an Affordable Housing Funding shortfall following a closed session discussion of the issue Monday night.

The township would have to bond the money only if funding from its initial sources runs out. Those sources include the township’s Affordable Housing Trust Fund, which consists of development fees, in-lieu payments and other revenue; and governmental sources including the Federal Low Income Housing Tax Credits program, New Jersey Balanced Housing funds, HUD funding, Federal Home Loan Bank Board financing, HMFA bond financing, Burlington County Home funds, among others.

The Fair Share Housing Council in November told a judge Moorestown is not living up to its legal obligation to zone for affordable housing, and asked that the township be held accountable for 1,521 new low and middle income units by 2025. Moorestown has said it only has room, and the obligation, for 406.

The problem is widespread throughout the state, and intensified last year when the State Supreme Court decided to hand regulation over to the judges after Gov. Chris Christie’s administration failed to set a new set of guidelines on Affordable Housing.

The previous set of guidelines expired in 1999, and the Council on Affordable Housing (COAH) failed to create new guidelines by the deadline. It has since been dissolved.

In its aftermath, there have been arguments statewide over how much Affordable Housing each municipality should be held accountable for.

Moorestown Council passed a similar resolution to protect the township in case of a lawsuit last year.