Bill > A464

This bill amends existing New Jersey law concerning relocation assistance provided by "taking agencies" (government entities acquiring property for public use) to individuals and businesses displaced by such acquisitions. The primary changes involve significant increases to the amounts of relocation assistance available, with these amounts scheduled to rise in stages over the first two years after the bill's enactment and then be automatically adjusted annually thereafter based on the Consumer Price Index for All Urban Consumers (CPI-U), a measure of inflation. Specifically, the bill increases the maximum moving expense allowance and dislocation allowance for displaced individuals, raises the minimum and maximum fixed payments for displaced businesses and farm operations, and boosts the additional payment available to displaced homeowners for purchasing a comparable replacement dwelling. It also increases the maximum amounts for rental assistance and down payment assistance for those displaced from dwellings not eligible for the higher homeowner payments.