Perth Amboy, NJ HOA Rules: Assessment & Dues (2026)

Section 430-129 of the Perth Amboy City Code, Administration of affordable units, sits in Article XVII, Affordable Housing, of Chapter 430. Its subsection H is titled Condominium and homeowners association fees. For any affordable housing unit that is part of a condominium association or a homeowner's association, the Master Deed must reflect that the association fee assessed for the affordable unit is established at one hundred percent of the market rate fee. The rule is about the assessment charged to the affordable unit: it is set at the same level as the market rate fee, not at a discount.

The same section links association fees to price. The initial purchase price for all restricted ownership units must be calculated so that the monthly carrying cost of the unit does not exceed 28 percent of the eligible monthly income of the appropriate size household, as determined under N.J.A.C. 5:80-26.4. The carrying cost printed in the code includes principal and interest, based on a mortgage loan equal to 95 percent of the purchase price and the Federal Reserve H.15 rate of interest, plus taxes, homeowner and private mortgage insurance, and condominium or homeowner association fees. Because the association fee is fixed at 100 percent of the market rate and counts toward that 28 percent ceiling, a higher association fee leaves less room in the price. The price is also subject to the affordability average requirement of N.J.A.C. 5:80-26.3.

After the first sale the section lets the price of owner-occupied very-low-, low- and moderate-income units increase annually based on the percentage increase in the regional median income limit for each housing region, and the maximum resale price set by the administrative agent cannot be lower than the last recorded purchase price.