New Jersey Assembly Bill A1428

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Changes earliest date of construction or rehabilitation of housing granted credits without controls.

Impact

The proposed changes are significant as they aim to address the housing shortage for low- and moderate-income families in New Jersey. By extending the eligibility for housing credits, the bill could enable municipalities to better address their fair share of the regional housing needs. This change is expected to facilitate the construction and rehabilitation of affordable housing units, ultimately contributing to alleviating the housing crisis faced by low and moderate-income households.

Summary

Assembly Bill A1428 is a legislative proposal aimed at modifying the criteria for municipalities to receive credits for affordable housing units. Specifically, the bill seeks to amend the existing law by changing the earliest date from which municipalities can claim credits for newly constructed or rehabilitated housing from April 1, 1980, to January 1, 1948. This change aligns with the inception of the current New Jersey State Constitution, thereby allowing municipalities to receive credits for all affordable housing developed since that date. The intention behind the bill is to encourage municipalities to meet the demand for low- and moderate-income housing and comply with fair housing obligations as outlined in judicial decisions such as the 'Mt. Laurel' rulings.

Contention

However, the bill could generate points of contention, especially among local governments and community advocates. Some may argue that the extended timeline for housing credits may not adequately address contemporary housing needs, or might lead to overlooking current housing market dynamics. Furthermore, the effectiveness of the proposed credits in motivating municipalities to actively participate in realizing their housing obligations may be questioned. Local governments might voice concerns regarding the administrative burden of complying with new housing criteria and regulations, which could be seen as an additional pressure on already constrained municipal resources.