NEW AFFORDABLE HOUSING LAWS

On July 17, 2008, Gov. Jon Corzine signed legislation to help develop affordable housing in New Jersey


Highights of the new law
Friday, July 18, 2008

The legislation signed yesterday by Gov. Jon Corzine will:

• Abolish "regional contribution agreements" that had allowed towns to meet their affordable housing obligations by paying poorer cities to build housing there.

• Create an "Affordable Housing Trust Fund."

• Charge developers a 2.5 percent fee on the value of commercial development to finance construction or rehabilitation of affordable housing.

• Require towns to commit developer fee funds to affordable housing within their borders.

• Set aside 20 percent of all state-assisted housing projects for affordable housing.

• Set aside 13 percent of all affordable housing for families earning less than 30 percent of the state's median income.

• Require all state agencies to include a housing affordability impact statement when creating new regulations.

• Establish a state Housing Commission to develop a strategic housing plan and report annually to the Legislature.

Source: N.J. Legislature

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