Bill
Bill > S2105
NJ S2105
NJ S2105Requires additional credit against fair share obligation for abandoned property converted to affordable housing.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
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
This bill amends existing law to incentivize the creation of affordable housing by offering municipalities a greater credit towards their "fair share" obligation, which is a municipality's responsibility to provide housing for low and moderate-income households. Specifically, for each housing unit that is restricted for use by low or moderate-income households and is built on a property that was previously on the municipality's abandoned property list (maintained under a specific state law, C.55:19-55) and has since been rehabilitated and removed from that list, the municipality will receive two units of credit towards its fair share obligation, instead of the usual one-to-one credit. This provision aims to encourage the redevelopment of abandoned properties into much-needed affordable housing.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S2105 |
| BillText | https://pub.njleg.gov/Bills/2026/S2500/2105_I1.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2105_I1.HTM |
Loading...