Requires developers of residential housing to provide low and moderate income housing or pay fee.
Impact
The bill's implications for state law are significant as it supplements existing affordable housing legislation in New Jersey. It aims to strengthen commitments toward the development of low and moderate-income housing across the state by incorporating specific guidelines and timeframes. By ensuring that the units remain affordable for at least 98 years, the bill provides a long-term solution to housing shortages for economically vulnerable populations, addressing a pressing social issue within New Jersey's housing market.
Summary
Bill S887 mandates that developers of residential housing projects consisting of 20 or more units must reserve at least 20% of these units for low or moderate-income households. This requirement aims to ensure long-term affordability and accessibility of housing for those who are economically disadvantaged. Furthermore, developers have the option to fulfill this requirement either onsite within the same development or offsite within the municipality, providing a level of flexibility in how this mandate can be implemented.
Contention
Debates surrounding S887 may focus on the financial burden it places on developers and the feasibility of such requirements, particularly in areas where housing development is already costly. Some stakeholders may argue that mandating affordable units could discourage new housing projects, thereby exacerbating the housing crisis instead of alleviating it. Advocates in favor of S887 emphasize its necessity for social equity, while opponents might call for a balanced approach that considers the economic realities and incentives for developers.
Enforcement
To enforce these provisions, the bill tasks the New Jersey Housing and Mortgage Finance Agency with updating its requirements and controls to align with the bill's objectives. Municipalities will play a crucial role in implementing these requirements, including the collection of fees and ensuring proper usage of funds deposited into a housing trust fund. Such mechanisms are designed to promote the development of affordable rental and for-sale housing within their jurisdictions, facilitating a more collaborative approach toward addressing housing needs.
Requires calculation of need for low and moderate income housing units to be based current percentage of units occupied by low and moderate income individuals or families; revises "Local Redevelopment and Housing Law" to allow for senior citizen housing and community development.
Requires calculation of need for low and moderate income housing units to be based current percentage of units occupied by low and moderate income individuals or families; revises "Local Redevelopment and Housing Law" to allow for senior citizen housing and community development.