July 9, 2008
Impact of Bill A500 on Redevelopment Plans
by Brent T. Carney
With the passage of A500 by the Assembly and the identical Bill S1783 by the Senate (collectively referred to herein as "A500"), is one of the most significant proposed legislative reforms to the Fair Housing Act, N.J.S.A. 52:27D-301 et seq. A500 is presently awaiting the signature of Governor Corzine. While A500 eliminates Regional Contribution Agreements ("RCAs"); establishes a new State Agency entitled the "State Housing Comission"; amends the Fair Housing Act, N.J.S.A. 52.27D-301 et seq., to require municipalities to provide incentives "which shall include increased densities and reduced costs" for inclusionary development, and requires COAH to ensure that thirteen percent (13%) of the municipal affordable obligation are made available for occupancy by very low income households, this summary focuses on the changes A500 will have on redevelopment plans and the collection of non-residential development fees. Additionally, this memorandum briefly discusses a500's creation of the Urban Housing Assistance Program; A500;s establishment of the New Jersey Affordable Housing Trust Fund (replacing the Neighborhood Preservation Program); A500's requirements for twenty percent (20%) set asides of affordable housing for residential development in a transit village, on State-owned property and urban transit hubs; and the effective date of A500. This memorandum is not intended to be an exhaustive synopsis of A500, but rather an outline of some of the proposed changes that have been adopted by the Assembly and the Senate.
Download and read entire memorandum HERE (Adobe PDF Reader Required.)
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