Council on Affordable Housing Trust Fund
The New Jersey Council on Affordable Housing (COAH ) met for the first time since 2011 on May 1, 2013. After approving several developer fee ordinances, the main topic involved authorizing the sweep of "uncommitted" affordable housing, municipal trust fund, money. It is estimated that statewide, there is approximately $142 million trust fund dollars that might be at risk at being swept into the State Treasury. Letters were authorized to go out to municipalities, requesting that the municipalities advise COAH by May 22, 2013 as to the status of their trust fund accounts. Our firm has advised municipalities to sign agreements committing trust fund money to various affordable projects. COAH will no doubt be checking on those agreements with a eye toward discrediting those agreements so that COAH itself can claim those funds. If municipal trust funds are in jeopardy, there are techniques that may be employed to help protect and keep those trust funds for local use.
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