New Jersey’s Bill for Affordable Housing

January 14, 2011 / Russell Legato, Residential Property Analyst

The New Jersey Senate is determined to consider an affordable housing bill and to revamp the current affordable housing laws in New Jersey. On Monday, the new bill will achieved its final legislative approval, which would remove a 2.5 percent fee and lower some municipalities’ duty to provide affordable housing for moderate- and low -income families.

New Jersey’s Bill for Affordable Housing

The measure is going to Gov. Chris Christie’s desk, alongside the legislation that would speed up developers and builders’ permit approvals, as well as exempting most seniors’ retirement pension from income taxes, and afford the film-production industry up to $45 million worth of tax credits.

Both the Senate and Assembly have changed that legislation, which eliminates the Council on Affordable Housing, and reducing the amount of affordable housing that townships are required to provide.

The affordable housing legislation passage was among Monday’s substantial developments, by 21-16, the Senate approved the amended bill, and by 45-32, the Assembly later passed it.

Affordable housing advocacy groups that support New Jersey businesses and builders sent a letter to the Gov. Christie last week, which voice support for the new affordable housing bill, while the Housing and Community Development Network has also applauded it.

But, Gov. Christie said through a spokesperson today that he would only approve the original version of the legislation, which is passed in June 2010.

According to a primary sponsor of the bill, Sen. Raymond Lesniak, he do not understand why Gov. Christie objects the bill because the bill only supports affordable housing while giving flexibility for municipalities to meet its goals.

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