Bill > S3650

Introduced Session

This bill requires additional credit against a fair share obligation for abandoned property converted to affordable housing. This bill seeks to incentivize the rehabilitation of abandoned property, and facilitate the establishment of affordable housing in locations that benefit surrounding neighborhoods. Under this bill, a municipality may receive two units of credit towards its fair share obligation for each unit of housing that is restricted for use by low and moderate income households. The additional credit would apply so long as the housing unit is established on a property that has been on an abandoned property list, established by the municipality pursuant to section 36 of P.L.1996, c.62 (C.55:19-55), and the property has subsequently been removed from the abandoned property list following its rehabilitation.

AI Summary

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Holly Schepisi (R)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 04/19/2021)