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Bill > A494
NJ A494
NJ A494Requires 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
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 provides an additional credit against a municipality's fair share obligation for affordable housing units that are created or occupied on properties that were previously on an abandoned property list and have been rehabilitated. Under this bill, a municipality can receive two units of credit towards its fair share obligation for each affordable housing unit established on a rehabilitated abandoned property. This incentivizes the conversion of abandoned properties into affordable housing, which can help facilitate the establishment of affordable units in locations that benefit surrounding neighborhoods.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Introduced, Referred to Assembly Housing Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A494 |
| BillText | https://pub.njleg.gov/Bills/2024/A0500/494_I1.HTM |
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