NEW AFFORDABLE HOUSING LAWS

On July 17, 2008, Gov. Corzine Signed New Legislation to Help develop Affordable Housing in New Jersey


Highights of the new law:


• 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