Bill > S3481

This bill requires construction project applicants to disclose detailed financing information when applying for construction permits in New Jersey, with specific exemptions for single-family homes, minor renovations, and small-scale alterations. The bill defines key terms like "dwelling unit" and "single-family home" and mandates that construction permit applications include a general project description and sufficient information to identify the anticipated amounts and sources of project funding. Before a certificate of occupancy is issued, applicants must either certify that their originally submitted funding information remains accurate or provide updated funding details. The Commissioner of Community Affairs is required to adopt rules and regulations within 180 days of the bill's enactment to establish specific guidelines for identifying and disclosing project funders, investors, or financiers. The bill will take effect on the first day of the ninth month following its enactment, giving stakeholders time to prepare for the new requirements.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S3481