Bill > S4271

Introduced Session

This bill would amend the "Fair Housing Act," P.L.1985, c.222 (C.52:27D-301 et al.), to authorize the governing body of a municipality in which a housing project or program is located, and which is granted or loaned monies from the "New Jersey Affordable Housing Trust Fund," or a municipal development fee trust fund, to fund a housing project or program, to provide that the project is exempt from real property taxation and to allow the municipality and the housing sponsor to instead negotiate an agreement providing for payments to the municipality in lieu of taxes for municipal services. The bill would also authorize the governing body of a municipality, which is spending or committing to spend affordable housing development fees, to provide that a housing project or program is exempt from real property taxation and to allow the municipality and the housing sponsor to instead negotiate an agreement providing for payments to the municipality in lieu of taxes for municipal services if the housing project or program is funded through municipal affordable housing development fees, or the "New Jersey Affordable Housing Trust Fund." The bill provides that any such agreement may require the housing sponsor to pay to the municipality an amount up to 20 percent of the annual gross revenue from each housing project for each year of operation of the agreement following the substantial completion of the housing project. Agreements negotiated between a housing sponsor and a municipality are to be submitted to the Commissioner of Community Affairs for review. While allowing some exception, the bill would provide that a tax exemption granted under the bill could extend no longer than the date on which an eligible loan made for the project is paid in full.

AI Summary

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Troy Singleton (D)*, 

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/04/2024)

Official Document