Senator Lesniak is the prime sponsor of legislation to change the way municipalities would meet their affordable housing obligations. The current version of the bill is known as the Senate Committee Substitute for the Senate Committee Substitute for S1. It replaces all prior versions of the bill and was approved by the full Senate on June 10, 2010 by a vote of 28-3.

NJBA has compiled a list of developers who are interested in the opportunity to build affordable housing for municipalities and non-profits in order to fulfill municipal affordable housing obligations. Over $238 million in unspent development fees is currently sitting in municipal housing trust fund accounts. In P.L. 2008, c.46, municipalities are required to spend their remaining share of trust fund money within four years, or the money reverts to the state. The development community could help spend this money and provide much needed affordable homes to families.

The list of NJBA members interested in the opportunity to build affordable housing for municipalities and non-profits is now available for download here. Updated: 7/19/10

The State’s affordable housing policy continues to be one of delay. Given that the third round rules should have been in place eight years ago, this has to be viewed as a conscious decision on the part of the State. The second round rules covered affordable housing need through 1999.