Centreplace at Edison - I just found this on the Edison Township website which says that some of the condos

Asked by Mya, Freehold, NJ Tue Jun 3, 2008

are intended to be rented out for low income housing.
http://www.piazza-and-associates.com/afhousing.php?pa=edison…
I was considering purchasing a townhome here, but now I'm not sure. Any thoughts? Anyone else considering buying from here? The houses are really nice and the re-sale potential is attractive (or I thought so anyway). I'm concerned this will damage the future value of these homes.
Any input would be appreciated.. Thanks all..

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Brittney, Home Owner, Edison, NJ
Mon Nov 14, 2011
The affordable home condos are not what you think Yes it is income restricted but with working income. you have people that have a 3 bedroom room condo that makes 60,000 a year. This is more income than some of the people that live there thats not in a affordable apartment. sorry hun do your research.
0 votes
Mary Petti, Agent, Edison, NJ
Sat Jun 28, 2008
Mya,
I believe that NJ State law REQUIRES any new development construction to include "affordable" housing under the new COAH regulations.( COAH is the Council On Affordable Housing.)
It is possible the developer agreed to place the affordable units there (as opposed to contributing to a fund to place them elsewhere) or was made to do so by statute.
GO TO : http://www.nj.gov/dca/coah/about.shtml

to read more, and of course you can always contact the township to see what actually happened. As far as re-sale value, as with any other development (or residential area) it depends many factors like location, amemities, maintenance of the property etc. Since this will be happening a lot in other places as well because of the new laws, it will become more of the norm not the exception. If you like the area and the development, and intend to stay a while, I would say go for it!
Hope that helps.
0 votes
Cheng, , 08817
Wed Jun 4, 2008
This is great info, and I just included it in Centerplace at Edison Community Blog@ http://centerplaceatedison.blogspot.com/ to benefit qualified families.

In general, new developments in NJ all have affordable housing requirement to qualify for state funding and comply certain law. It is very common.

The units thru affordable housing is normally "smaller" and "less amenities"; it just tries to give qualified families a chance to buy at nice new communities.

For example, extremely popular Starpoint at Piscataway http://starpointatpiscataway.blogspot.com/ when built dozen years ago also had that, and once in a while (like one or two a year), you see affordable housing unit at Starpoint came out for sale for very low price, but they NEVER impact the neighbor value there because those "cheaper units" are also smaller with less amenities. e.g. they do not have garage.

I would say, if you are qualified thru affordable housing for Centerplace at Edison, you should grab one, but keep in mind, there are also rules like you have to live there, you can not sell it for certain years, say, within 10 years ...etc.

One the other hand, if your family income is far exceed that, you should really try to get the nicest one that your family deserve. This place is going to be very very popular as you can see ... Why?

Next to it is Middlesex County College where Middlesex Academy of Science locate that won #1 in NJ Science League of Physics in 2007 over hundreds of ALL other NJ high schools.

Hey, this year, I just found out it also won #1 in NJ Science League of Biology in 2008 over hundreds of ALL other high school. East Brunswick High School is very good still, got #5 this year. Last year East Brunswick High got #1.
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