New Jersey Senate Bill S3761

New Jersey 2022-2023 Regular Session

• Introduced: 5/8/23
• Refer: 5/8/23

Caption

Authorizes two fair share affordable housing credits for housing reserved for veterans.

Impact

If enacted, S3761 would amend existing laws to provide municipalities with additional credits towards their affordable housing obligations. This would effectively incentivize local governments to create more housing opportunities for veterans, which is particularly significant in regions where affordable housing is scarce. By providing these housing credits, the bill could lead to an increase in the number of residential units available to veterans, benefitting those with economically vulnerable backgrounds.

Summary

Senate Bill S3761, introduced on May 8, 2023, focuses on housing policies for veterans in New Jersey. The bill proposes to authorize two fair share affordable housing credits for each residential unit that is specially reserved or restricted for occupancy by moderate-, low-, or very low-income households that include at least one veteran. This initiative aims to bolster affordable housing options for veterans who require support, thereby addressing homelessness and housing instability within this community.

Contention

While the bill presents a favorable approach towards aiding veterans, it may evoke discussions regarding how municipalities will manage their housing obligations and the implications it may have on other low-income housing developments. There could be concerns about the equitable distribution of resources and whether the focus on veteran-specific housing might detract from broader affordable housing initiatives. The success of the bill largely hinges on its implementation and the willingness of municipalities to engage with the new housing credits arrangement.