Ex-Governor Corzine Acts (and Fails to Act) on Legislation in Final Full Day in Office

Posted by on Jan 19, 2010 in Distressed Housing Market, Legislation, Permit Extension Act

By Michael J. Lipari, Esq.
In his last full day in office, ex-Governor Jon Corzine signed legislative bill A-4347 that extends all permits and approvals that were subject to the Permit Extension Act of 2008 (“PEA”) through 2012. Corzine did not sign legislative bill A-4345 that would have extended the requirement of wastewater management planning agencies to establish or update wastewater management plans, and extended validity of sewer service areas and wastewater service areas, until April 7, 2011.

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Legislature Passes Economic Stimulus Bill and Eliminates 2.5% Non-Residential Development Fee

Posted by on Jun 26, 2009 in COAH and Affordable Housing Issues, Distressed Housing Market, Redevelopment

By: Henry T. Chou, Esq.
In response to the State’s recession woes, the Legislature has passed an omnibus economic stimulus bill (A-4048/S-2299) aimed at reinvigorating the real estate development industry through innovative tax incentives and fee moratoriums, among other measures.

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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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