Bill Reforming Affordable Housing in NJ Introduced

Yesterday new Affordable Housing Legislation was introduced into the State Legislature. Supporters indicate that this legislation would replace COAH and establish a more organized pathway for municipalities to meet affordable housing obligations.

Main Features of the legislation include:

-Mediation panels aimed to reduce litigation between municipalities and developers.

-Immunity for municipalities demonstrating a “good faith” effort in meeting their Affordable Housing obligation.

-Tax relief, Sweat Equity, and other Incentives to Accelerate Affordable Housing Development

Copy of the Bill

NJBiz.com and The NJ Monitor Have Good Coverage of the Legislation:

Legislation to rework affordable housing in NJ seeks to streamline process

New Jersey lawmakers plan overhaul of affordable housing system