Expressly permits housing constructed prior to April 1, 1980 to be counted toward municipal affordable housing obligation.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill clarifies that housing constructed before April 1, 1980, can be counted toward a municipality’s affordable housing obligations. It allows municipalities to receive credit for low- and moderate-income housing units built before 1980, provided they meet specific criteria regarding occupancy and haven’t already received credit. The bill also establishes a trust fund to support affordable housing initiatives and directs the Commissioner of Community Affairs to develop implementing rules and regulations. Finally, it allows municipalities to adjust their fair share plans to accommodate this new credit system.
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