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Affordable Housing

Posted on: December 22, 2023

Bill Overhauling Affordable Housing Moving Through Legislature

After being first announced on Monday, December 18, at a joint press conference with Assembly Speaker Coughlin and Senate President Scutari, joined by Assemblywoman Lopez and Senator Singleton, A-4  was added to Assembly Housing Committee agenda for a hearing on Wednesday, December 20.

The League testified at Wednesday’s hearing, noting our limited time with bill language prohibited more comprehensive review and comments but expressing our general support to having the affordable housing process reformed. Specifically, the need to have the process removed from the courts and put back into the auspices of an administrative agency.     

One concern the League has identified with the legislation is changes to bonus credits that could stymy an effective tool proven to help build affordable housing units. Another concern is the changes that would increase the number of years for affordability control deed restriction on certain affordable housing projects. While extending the time for certain deed restrictions may be beneficial, it could prevent projects from obtaining necessary financing. 

A-4 was favorably released from the Assembly Housing Committee and is expected to be second referenced to the Assembly Appropriations Committee before heading to a vote in the full Assembly. The Appropriations Committee could meet as early as January 4, 2024.

A-4’s Senate companion, S-4251, has been introduced and referred to the Senate Community and Urban Affairs Committee. The Senate Community and Urban Affairs Committee could meet as early as January 4, 2024. 

The measure could be voted on in both houses on January 8, the last day before the start of the new legislative session. 

The League continues to review the legislation and encourages our members to review the bills to understand the impact the changes, if adopted, would have on your own affordable housing obligations.   

Contact: Frank Marshall, Esq., Associate General Counsel, fmarshall@njlm.org, 609-695-3481, x137. 

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