New Jersey Assembly Bill A2820

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Requires Division of Purchase and Property to issue annual report on State-owned property and potential for use as affordable housing.

Impact

If enacted, A2820 will likely enhance the state's ability to tackle the affordable housing crisis by providing a systematic approach to assess and report on state-owned properties' viability for redevelopment. The annual reports would not only highlight opportunities for creating more housing but also serve as a valuable reference for policymakers and developers looking to engage with state resources. This is particularly critical in a climate where housing affordability is a growing challenge for many residents.

Summary

Assembly Bill A2820 mandates the Division of Purchase and Property in New Jersey's Department of the Treasury to create an annual report detailing all real property owned by the State. This report aims to analyze potential uses of these properties for affordable housing, specifically low and moderate income housing, by collaborating with various state entities such as the New Jersey Economic Development Authority and the New Jersey Housing and Mortgage Finance Agency. The bill emphasizes the importance of utilizing state-owned properties effectively to address the pressing need for affordable housing in New Jersey.

Contention

Debate surrounding A2820 may arise from differing views on government intervention in real estate and housing development. Proponents of the bill may argue that encouraging the redevelopment of state properties into affordable housing can significantly alleviate housing shortages and improve community welfare. Conversely, critics might express concerns regarding the effectiveness of government-led initiatives in the housing sector or raise issues about the prioritization of state resources. Overall, the bill's reception will depend heavily on the legislative context and ongoing discussions about housing policies in New Jersey.