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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