Developers Take Advantage of New Law to Convert Age-Restricted Developments

Posted by on Sep 28, 2010 in Age-Restricted Housing

By: Michael J. Lipari, Esq.
Last year, New Jersey passed a law that allows builders to apply to local planning boards to convert age-restricted (55+) residential developments to non-age restricted developments that would be open to persons of all ages. Due to the abundance of approved age-restricted projects and overall lack of demand, developers have begun using this law as a means to convert their stalled projects into more feasible ones devoid of age restrictions.

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Governor Corzine Conditionally Vetoes Housing Bill

Posted by on May 7, 2009 in Age-Restricted Housing, COAH and Affordable Housing Issues, Distressed Housing Market

By: Henry T. Chou, Esq.
Apparently bowing to the pressure of mayors throughout the State, Governor Corzine has conditionally vetoed legislation that would have allowed builders to convert age-restricted (55+) residential developments to non-age restricted developments that would be open to persons of all ages.

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Possibility of school-age children (gasp!) threatens housing bill

Posted by on Apr 27, 2009 in Age-Restricted Housing, COAH and Affordable Housing Issues, Distressed Housing Market

By: Henry T. Chou, Esq.
Over a month ago, both Houses of the New Jersey Legislature passed a bill (A3772/S2577) that would allow certain approvals for age-restricted (55+) developments to be converted to approvals for non-age restricted developments, provided the builder meets certain conditions and agrees to provide a percentage of affordable housing as part of the development.

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Legislature Adopts Bill to Allow Conversion of 55+ Housing to Non-Age Restricted Housing

Posted by on Mar 17, 2009 in Age-Restricted Housing, COAH and Affordable Housing Issues, Distressed Housing Market

By: Henry T. Chou, Esq.
On March 16, 2009, the New Jersey Assembly and Senate adopted a bill (A3772/S2577) that would allow certain approvals for age-restricted (55+) developments to be converted to approvals for non-age restricted developments. The bill would allow developers who have obtained approvals for age-restricted projects to apply to planning boards to remove the age-restriction, provided that the developer is not holding any deposits for the sale of age-restricted homes or has not already conveyed any such units.

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