Bill
Bill > S2312
NJ S2312
NJ S2312Allows projects supported by State or municipal affordable housing trust fund to be exempt from property tax and to instead contribute to municipal services by making payments in lieu of taxation.
summary
Introduced
01/25/2024
01/25/2024
In Committee
03/11/2024
03/11/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
Allows projects supported by State or municipal affordable housing trust fund to be exempt from property tax and to instead contribute to municipal services by making payments in lieu of taxation.
AI Summary
This bill allows projects supported by State or municipal affordable housing trust funds to be exempt from property tax, and instead requires the housing sponsor to make payments in lieu of taxes to the municipality for municipal services. The bill also allows municipalities to continue or grant new tax exemptions for State, federally, or municipally subsidized housing projects that remain subject to affordability controls, even after any eligible loans for the project have been fully paid.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (2)
Last Action
Substituted by A3337 (1R) (on 03/18/2024)
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/S2312 |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2312_R1.HTM |
| Analysis - Statement SBA 3/11/24 | https://pub.njleg.gov/Bills/2024/S2500/2312_S2.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2312_I1.HTM |
| Analysis - Statement SCU 1/25/24 | https://pub.njleg.gov/Bills/2024/S2500/2312_S1.PDF |
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