At an event in Perth Amboy this morning, New Jersey Governor Murphy signed the landmark affordable housing legislation, which was approved by the Senate and Assembly earlier this week.
“Ensuring that every family has a safe, dignified place to call home — where parents can raise their children, and senior citizens can live out their golden years — is a cornerstone of the American dream,” Murphy said in his remarks.
The package of bills completely revamps the process of determining constitutionally mandated affordable housing obligations, giving municipalities greater flexibility and input.
For the previous decade, confusion about how much housing needs to be built has led to litigation, wasting taxpayer resources and resulting in significant delays in the ability to build housing.
Under the bill, the defunct Council on Affordable Housing (COAH), would be abolished, and disputes about how much and where new housing is to be built would be resolved first before a panel of experts.
Murphy also noted that in 2023, New Jersey permitted more new housing units than New York state for the first time ever, despite New York’s population having ten million more residents than New Jersey.
Additional bills signed today include:
- Requires the New Jersey Housing Mortgage and Finance Agency to establish a pilot program to support insurance premiums for eligible affordable housing projects constructed by for-profit affordable housing developers.
- S-1422/A-3365 which allows taxpayers to accelerate depreciation of eligible property expenditures in connection with construction of new affordable housing developments in order to realize cost savings.
- A-2296/S-2309 which allows a municipal governing body to delegate to the municipal clerk the authority to issue certain approvals to facilitate development of affordable housing projects.
- A-3337/S-2312 which permits “payment in lieu of taxation” (PILOT) agreements between municipalities and affordable housing projects that receive funding through the State Affordable Housing Trust Fund or municipal affordable housing trust funds.
- A-1495/S-1484 which exempts receipts from sales made to contractors or repairmen of materials, supplies, or services related to the construction of 100%-affordable housing projects in order to help reduce costs for the construction of such projects.
Good. I’m glad. Changes need to be made in affordable housing for those who need it. But putting into perspective that affordable housing is for everyone. Not for selective few.