NJFuture Redevelopment Forum 13 Creative Housing Egan

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  • She pays her own utilities and therefore qualifies for energy assistance. B/c of the housing assistance reduces overall expenses she only gets the SNAP minimum of $14/month. If due to long waiting lists or income ineligibility an elder does not qualify for housing assistance, it is virtually impossible to achieve economic security – only 64%. In 2006, the Dept. of Community Affairs’ waiting list for vouchers along contained more than 10,000 households. According to the 2000 Census data - 130,000 renters in NJ were spending more than 50% of income on housing.
  • NJFuture Redevelopment Forum 13 Creative Housing Egan

    1. 1. Creative Housing Solutions for Changing Demographics Moderator: George Vallone – President The Hoboken Brownstone CompanyPanelists:Dave Fisher, PP - Vice President of Governmental Affairs, K.Hovnanian HomesRobert P. Antonicello - Executive Director,Jersey City Redevelopment AgencyGrace Egan - Executive Director,New Jersey Foundation for Aging
    2. 2. Grace Egan, MSExecutive Director
    3. 3. Basic NJ Senior Statistics• NJ Residents over age 60 2010 2015 2030 1,710,530 1,897,613 2,518,734• % Residents over age 60 2010 2015 2030 19% 20.5% 25.7%• NJ Residents over age 85 2010 2015 2030 198,835 219,957 290,911• % Residents over age 85 2010 2015 2030 2.2 2.4 3.0 Source: http://www.aoa.gov/AoARoot/Aging_Statistics/Profile/index.aspx ***** Only 5 % of NJ Seniors live in Institutional Settings
    4. 4. Goals of the Elder Index (EI)•To shift the dialogue from deprivation and poverty toeconomic security;•To determine how well public policies can help seniors fillincome gaps;•To evaluate the ability of income support programs to moveindividuals towards economic security. ~~~~~~~~~~~~~~~The Elder Index was developed by Wider Opportunities for Women, a nationalorganization. To learn about their work go to www.wowonline.orgThe NJ Foundation for Aging partnered with WOW in 2008 to bring this work to NJ.
    5. 5. Findings of the EI Research Social Security is the sole income for 25 % of NJ Elders. The Average Social Security in NJ benefit is $14,848 for a woman; $19,122 for a man. Average expenses for an single elder renter =$27,960. Average expenses for a elder renter couple =$38,208 Forty-two percent of all single elder and elder couples in NJ cannot cover their basic expenses.
    6. 6. FPL fails to capture all elderly grappling with inadequate incomes in NJ © 2012 Legal Services of New Jersey
    7. 7. Components of the Elder Index  Housing=rent or mortgage, property taxes, utilities, etc.  Food= basic meal plan  Transportation= using a private car  Healthcare= assumes good health, Medicare premium, Medi-gap policy and out of pocket costs  Miscellaneous= other costs
    8. 8. NEW JERSEY STATEWIDE ELDER ECONOMIC SECURITY STANDARD INDEX, 2012 Report Elder Person (age 65+) Elder Couple (one age 65+) Owner Renter,Monthly and Yearly w/o Renter, one Owner w/ Owner w/o one Owner w/Expenses Mortgage bedroom mortgage Mortgage bedroom mortgageHousing $871 $1,091 $1,871 $871 $1,091 $1,871Food $243 $243 $243 $446 $446 $446Transportation $202 $202 $202 $313 $313 $313Health Care (GoodHealth) $442 $442 $442 $884 $884 $884Miscellaneous @ 20% $352 $352 $352 $503 $503 $503Index Per Month $2,110 $2,330 $3,110 $3,017 $3,237 $4,017Index Per Year $25,320 $27,960 $37,320 $36,204 $38,844 $48,204
    9. 9. Rise in Statewide 2012 costs compared to 2009 2009 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner Renter, Owner w/ Owner Renter, Owner w/ w/o one mortgage w/o one mortgage Mortgage bedroom Mortgage bedroom $23,452 $25,941 $33,570 $34,324 $36,813 $44,442 2012 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner Renter, Owner w/ Owner Renter, Owner w/ w/o one mortgage w/o one mortgage Mortgage bedroom Mortgage bedroom $25,320 $27,960 $37,320 $36,204 $38,844 $48,204 Percentage of Increase from 2009 to 2012 8% 8% 11% 5% 6% 8%
    10. 10. $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $5,000 $0 c i n a l t A n g r e B r u B o t g n i l a C n e d m y M e p a CdnalrebmuC x e s E r t s e c u o l G n o s d u H r e t n u H o d c r e M x s e l d i MhtumnoM s i r o M Cost Comparison of Index Per Year c O n a e for a Single Elder Renter in the Counties a P c i s m e l a S t s r e m o S x e s u S o i n U n e r a W
    11. 11. Single Elder Renters Living Below Index © 2012 Legal Services of New Jersey
    12. 12. Looking at the needs of Single Elder Woman Renter living on average annual Social Security of $14,848Elder woman receives the state average SS of $1237/mo and would be at 53% economic security. If she applies & receives the following it would bring her closer to 79% economic security. The only item that further closes the gap is affordable housing. * $14,848 is the average benefit, many elders receive less.• Food Assistance: SNAP/MoW/Nutri.sites/Farmer Mrt. Coupon• Rx Assistance: PAAD• Medical Assistance: Medicare Savings Prog. (SLMB/QMB)• Energy Assistance: HEA, Universal Service Fund, Lifeline• Property Tax Assistance: Property Tax Credit
    13. 13. $2400 Monthly Elder Economic Security Index, $2,330$2000 Housing$1600 Property Tax Relief Energy Medical$1200 Rx Food Income $1,237 $1,521 $1,575 $1,671 $1,834 $1,838 $2,330
    14. 14. Copies of the Full Index and Report are available online: www.njfoundationforaging.org/issues.html 176 West State St, Trenton, NJ 08608 609-421-0206 www.njfoundationforaging.org

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