Requires additional credit against fair share obligation for abandoned property converted to affordable housing.
If enacted, S623 could significantly influence local housing policies by reducing the pressure on municipalities to meet their fair share obligations solely through traditional means of developing new housing. The bill's structure aims to facilitate the influx of affordable units, supporting local communities in addressing housing shortages, particularly for low and moderate-income households. As municipalities report rehabilitated units as part of their credit, it could lead to increased collaboration between local governments and developers, thereby enhancing community engagement and responsiveness to housing needs.
Bill S623, sponsored by Senator Holly T. Schepisi, aims to incentivize the conversion of abandoned properties into affordable housing units in New Jersey. The bill proposes that municipalities receive additional credits against their fair share obligations for each affordable housing unit created from properties previously listed as abandoned. Specifically, for each unit developed from such properties, municipalities can receive two units of credit towards their housing obligations. This policy intends to encourage the rehabilitation of neglected properties and expand the availability of affordable housing in regions that would benefit the most from revitalization efforts.
While the bill presents distinct benefits, it may not be without contention. Some stakeholders might argue about the reliability of utilizing abandoned properties as a suitable method for meeting housing demands, particularly if rehabilitation processes do not envision long-term success or sustainability. Concerns could also arise regarding how local definitions of abandoned properties are determined and whether this might lead to opportunistic actions that do not necessarily serve the housing needs of communities adequately.