Bill
Bill > A1038
NJ A1038
NJ A1038Imposes credit rating requirement upon ability for municipality to exercise powers under "Local Redevelopment and Housing Law."
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 would limit the ability to exercise the redevelopment and rehabilitation functions authorized pursuant to section 4 of the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-4), P.L.1992, c.79, to municipalities that have attained, during the prior three-year period, a credit rating of: A- or lower by Standard & Poor's Corporation or Fitch Ratings, A3 or lower by Moody's Investor Services Inc., or the equivalent thereof from a "nationally recognized statistical rating organization," as provided in the bill. In so doing, this bill would limit the use of those redevelopment and rehabilitation functions to municipalities with lower credit ratings.
AI Summary
This bill would limit the ability of municipalities to exercise redevelopment and rehabilitation functions under the "Local Redevelopment and Housing Law" to those municipalities that have attained a credit rating of A- or lower by Standard & Poor's, A3 or lower by Moody's, or the equivalent from a nationally recognized statistical rating organization during the prior three-year period. In other words, this bill would restrict the use of these redevelopment and rehabilitation powers to municipalities with lower credit ratings.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
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/A1038 |
| BillText | https://pub.njleg.gov/Bills/2024/A1500/1038_I1.HTM |
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