The state-imposed deadline for municipalities to spend leftover COAH [Council on Affordable Housing] funds or return them to the state was July 17 — but money Asbury Park received is not subject to that deadline, officials say.
A resident asked at the July 11 council meeting whether the city’s money from regional contribution agreements [RCAs] is subject to the deadline. Funds from RCAs are not in the category of COAH money the state was looking to reclaim, city manager Terence Reidy [pictured above] said.
“We are not under an obligation to spend that money [before the deadline],” city manager Terence Reidy said. “We will not be impacted. The money we have continues to be spent for rehabilitating homes and one of the things we’re also looking at is amending our RCAs to allow us to use that money for new affordable housing units as well.”
COAH regulations permitted municipalities to transfer up to 50 percent of their affordable housing obligations to other municipalities. COAH was abolished last year, so all participating municipalities have not yet spent all the funds received from COAH or RCAs.
Asbury Park formed RCAs with several municipalities, including Middletown and Howell. The city has not yet spent all of the money garnered in the agreements.
“The city of Asbury Park does have several million dollars of RCA money,” city manager Terence Reidy said. “That money is not in jeopardy.”
The money will be used to renovate affordable housing units — which are not the same as the Section 8 housing governed by the Asbury Park Housing Authority. Affordable housing units are located throughout the city, and are designated through a formula including inhabitants’ income and other criteria. The city may also begin to construct new affordable housing with RCA funds.
