Wednesday, November 10, 2010
The New Jersey assembly has approved a bill that would revamp how cities and towns meet their constitutional obligation to provide affordable housing:
The bill requires that towns make 10 percent of new development affordable . . . . Developers who do not set aside 10 percent of their units as affordable would pay a 3.5 percent penalty to the state, which would require the money be used to construct affordable housing in the same town. Or towns could set 20 percent of their development land aside for those earning up to 150 percent of their region’s median income. The enforcement responsibilities will be transferred . . .to the Department of Community Affairs.
Governor Christie has promised to veto any bill that imposes new fees on developers.
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