Changes earliest date of construction or rehabilitation of housing granted credits without controls.
If enacted, SB 4190 would allow municipalities greater leeway in claiming credits for affordable housing, thereby potentially increasing the availability of low-income housing in compliance with state requirements. The bill mandates the Commissioner of Community Affairs to formulate rules and regulations to effectively implement the new provisions, ensuring that municipalities can accurately determine their housing needs and fair shares. This could lead to a more uniform approach in handling local housing crises, particularly for low and moderate-income families.
Senate Bill 4190, introduced in December 2023, seeks to amend the 'Fair Housing Act' to revise the criteria under which municipalities receive credits for affordable housing units. This amendment is particularly significant as it changes the earliest date for construction or rehabilitation of housing units eligible for these credits from April 1, 1980, to January 1, 1948. The purpose of this change is to provide municipalities with credits for all affordable units constructed since the New Jersey State Constitution took effect, aligning with the mandates of the Mt. Laurel decisions which necessitate that municipalities provide realistic opportunities for low and moderate income housing.
Supporters of SB 4190 argue that this change is long overdue and necessary to address the historical lack of affordable housing options in many New Jersey municipalities. Critics, on the other hand, may express concern that expanding eligibility for housing credits could divert focus from pressing local needs in housing management and infrastructure, or could be viewed as a shift towards state overreach in local governance. Thus, while the bill intends to standardize efforts across municipalities, it also opens up discussions about local control and the complexities of managing housing regulations.