NJ Assembly Votes For Moratorium On Affordable Housing Fee For Nonresidential Developers

On December 19, 2013, the New Jersey General Assembly passed a bill approving the moratorium on the 2.5 percent statewide non-residential development fee on assessed value of most improvements charged to developers of nonresidential construction projects. The fee was originally designed to fund affordable housing opportunities in the State. Since 2008, lawmakers halted the collection of fees for nonresidential development in an effort to encourage economic growth. This statutory moratorium, however, expired on July 1, 2013.

COAH Out of Time to Adopt Valid Third Round Regulations for Affordable Housing

Yesterday, Fair Share Housing Center (FSHC) filed a motion to enforce the New Jersey Appellate Division’s court order requiring the Council on Affordable Housing (COAH) to adopt Third Round rules within 5 months. This order, originally issued in October 2010, was affirmed by New Jersey's Supreme Court in its September 26, 2013 decision. In its decision, the Supreme Court gave COAH until February 26th to adopt regulations that comply with the Appellate Division’s rulings.

Will the Permit Extension Act be extended again?

The current Act extends some approvals to December 31, 2014 with a tail to June 30, 2015. It is unknown whether the Permit Extension Act will be extended a third time.

New HUD Notice Released on Sandy Initiatives

The U.S. Department of Housing and Urban Development (HUD) recently released its notice for states affected by Superstorm Sandy to apply for the next round of Community Development Block Grant Disaster Recovery funds. New Jersey is eligible for 1.4 billion of the more than 5.1 billion being made available. The use of these funds is earmarked to “address disaster relief, long-term recovery, restoration of infrastructure and housing and economic revitalization in the most impacted and distressed areas.”

Did you know?

The Real Estate Settlement Procedures Act (RESPA), which governs the procedures for land closings, does not have any specific requirement limiting a seller’s concession in real estate transactions, such as for repairs to a home, as a credit against the purchase price or to absorb mortgage points.

Bipartisan Coalition Introduces Federal Legislation Addressing Flood Insurance Rate Increases

A bipartisan coalition of more than 55 members of the United States House of Representatives, including local representative Frank LoBiondo (R-NJ), have introduced legislation addressing the National Flood Insurance Program ("Program") and the affordability issues that are certain to arise with increases to the flood insurance premiums many homeowners are expected to receive under the Program.