Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MT. LAUREL, NJ-Gov. Jon Corzine yesterday signed legislation aimed at reforming the state’s housing laws. That signed occurred in this South Jersey community where, in the early 1970s, a lawsuit led to a New Jersey Supreme Court decision that required communities to help create affordable housing.

“Through these measures, we are ending decades of unfair, unbalanced and insufficient provision of affordable housing,” says Corzine, in a statement. “The fact is, this legislation holds much promise for thousands of New Jerseyans who want to stay in their hometown, to work there and raise their families there, but simply can’t afford to live there.”

Among other things, bill A500/S1783, eliminates the Regional Contribution Agreement that has allowed communities to meet their affordable housing obligations by paying poorer towns to build the housing there. It also replaces the Neighborhood Preservation Nonlapsing Revolving Fund with the New Jersey Affordable Housing Trust Fund. The latter will have very specific accounting and reporting, with oversight by the Department of Community Affairs.

Also, developers will be charged a fee of 2.5% of the value of commercial projects to help finance the construction or rehab of affordable housing, with towns required to commit those fees for that purpose. And 20% of all state-assisted housing projects must be set aside for affordable housing.

Another 13% of all affordable housing must be set aside for families that earn less than 30% of the state’s median income. All state agencies are required to include affordable housing impact statements when drawing up new regulations. And a state Housing Commission will be set up to develop a strategic plan and report annually to the legislature.

Finally, the bill creates the Urban Housing Assistance Fund, funded by a yearly $20 million state appropriation from the receipts of the statewide non-residential development fees collected by the State Treasurer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.