MyCentralJersey reports on a new program offering subsidies to landlords in exchange for the conversion of market-rate units into affordable units.
EDISON – The township has introduced a program aimed at increasing the local affordable housing supply while helping landlords boost their income.
The “Market to Affordable (M2A) Rental Program” allows landlords to convert one or more of their market-rate rental units into deed-restricted affordable housing units for moderate-income families or individual tenants, the township announced in a release.
In return, the township is offering landlords a subsidy of $65,000 to $105,000 – depending on the number of bedrooms in their unit – for each market-rate rental unit they agree to convert into deed-restricted affordable rental units, according to the release.
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