Senators Ray Lesniak and Barbara Buono have introduced legislation (S-1566) to transform foreclosed homes into affordable housing. The bill would create the New Jersey Foreclosure Relief Corporation and would allow municipalities to buy foreclosed houses through the state’s $268 million affordable housing trust fund, and thereby earn two-for-one credit toward their affordable housing obligations. If municipalities decide not to buy the vacant homes, the Corporation would be able to purchase them through federal and state financing sources and deed restrict them as affordable housing for three decades. » Read More
NJ.com reports: Bill passed by state Senate, headed to the Assembly in the Fall, would prevent municipalities from conducting routine inspections of apartment buildings or charge for them, making those duties the sole domain of the state. Opponents of the bill say the municipal inspections save lives. Meanwhile, supporters say the municipal inspections are redundant and an unnecessary cost.
The State announced Thursday, June 2, 2011, that the Hazardous Discharge Site Remediation Fund (HDSRF), which helps developers and communities clean up brownfields sites, has run out of funds and is being shut down. Although the HDSRF is supposed to receive constitutionally dedicated funding via the corporate business tax, the Christie Administration proposes to divert any new monies generated by that tax to balance next year’s budget. » Read More
Some laws and statutes develop a “reputation” over the years as applying only to certain industries or activities only because of the manner in which these laws are regularly applied. This can lull some into a false sense of security that certain laws do not apply to them when, in actuality, they do apply. One of these situations is the application of the Interstate Land Development Act (“ILSA”) to commercial development.» Read More