Legislature Approves Bill Permitting Wind and Solar Facilities in Industrial Zones

Posted by on Mar 23, 2009 in Green Building, Solar Energy

By: Henry T. Chou, Esq.
As you drive by the industrial warehouse district in your town, imagine for a minute that the large, drab buildings have been replaced with solar panel fields and windmills. As improbable as that may sound, the New Jersey Legislature has envisioned such a result for the State’s suburban and urban areas.

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New Jersey Senate Proposes Delay of Affordable Housing Development Fee Until 2010

Posted by on Mar 18, 2009 in COAH and Affordable Housing Issues

By: Henry T. Chou, Esq.
On March 16, 2009, the New Jersey Senate approved an 18-month temporary moratorium on payments of affordable housing development fees made by commercial and industrial developers to municipalities. The fee – 2.5% of the equalized assessed value of non-residential development projects – was authorized as part of the “Roberts Bill” adopted in the summer of 2008. However, the dramtic economic downturn in late 2008 prompted the Governor to propose a temporary moratorium against such fees until the end of 2009.

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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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Strategies for Modifying, Preserving and Extending Approvals to Deal With Changed Market Conditions

Posted by on Mar 12, 2009 in Distressed Housing Market, Permit Extension Act

By: Henry T. Chou, Esq.
In today’s depressed real estate market, certain products that were attractive as little as two years ago are no longer in demand. In most circumstances, economically rational builders who have approvals or zoning for such products cannot carry their undeveloped land indefinitely while hoping that the demand will improve some years down the line. In today’s climate of frequent regulatory changes, economic realities require builders to explore alternative strategies for turning a profit on their properties.

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