Affordable Housing Package Signed into Law
The bill package includes:
- Assembly Bill 4/Senate Bill 50 – would codify the methodology adopted by the courts to calculate the municipal affordable housing obligation, streamline the process for adoption of fair share plans and related actions, as well as abolish the now-defunct Council on Affordable Housing (COAH)
- A2267/S1415 – would authorize for-profit affordable housing entities to establish or join joint insurance funds with other housing entities
- A3365/S1422 – would provide for alternative method of depreciation for eligible property expenditures that are incurred through the construction of new affordable housing
- A1495/S1484 – would exempt materials, supplies, and services made to contractors or repairmen for certain affordable housing projects from the state’s sales and use tax
- A2296/S2309 – would permit the governing body of a municipality to delegate to its municipal clerk the authority to provide a written statement in support of one or more affordable housing programs or projects. aimed at streamlining the process
- A3337/S2312 – would allow municipalities to exempt affordable housing projects funded through the Affordable Housing Trust Fund, or municipal development fee trust funds, from real property taxation; Payment in Lieu of Taxes (PILOT) agreements can be implemented instead, thus incentivizing the construction of affordable housing