Bill > A4414

Introduced Session

This bill would require all new residential development consisting of 20 or more units to reserve at least 20 percent of the units for low or moderate income housing for at least 98 years. A developer may choose to develop the required affordable housing either onsite or offsite. A municipality authorized to impose affordable housing development fees or payments in lieu of constructing affordable housing, may allow a developer to pay a fee or donate an amount equal to 30 percent of the cost of the proposed development instead of constructing low or moderate income housing. In this instance, the municipality must spend the amounts collected on activities approved to develop affordable rental and for sale housing throughout the municipality. The bill also directs the Housing and Mortgage Finance Agency to revise the requirements and controls it has established to ensure the maintenance of housing as affordable to low and moderate income households to be consistent with the bills requirements.

AI Summary

Committee Categories

Verlina Reynolds-Jackson (D)*,  Shavonda Sumter (D)*,  Britnee Timberlake (D)*,  Ralph Caputo (D),  Thomas Giblin (D),  Angela Mcknight (D),  Shanique Speight (D),  Benjie Wimberly (D), 

Reported from Assembly Comm. as a Substitute, 2nd Reading (on 06/17/2019)