On Friday, July 23, 2010 Governor Christie vetoed A1678 (Greenwald/Prieto/ Sarlo/ Van Drew) which would have established a $15,000 Homebuyer Tax Credit.
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.
On April 19th, the Red Tape Review Group, chaired by Lt. Governor Kim Guadagno, issued its final report, recommending policy actions to spur economic growth and job creation. NJBA participated in the process, both formally and informally, recommending sweeping changes to the State’s regulatory framework. Many of the Association’s recommendations are included in the full report, which is available by clicking here.
List of major provisions in SCS for S1, Lesniak, released from Senate Economic Growth Committee.
Revised June 7, 2010
Over the past year, several pieces of legislation have been approved by the Legislature to assist in the recovery of the homebuilding industry.
On January 20, 2010, one day after taking office with Lieutenant Governor Kim Guadagno, Governor Christie signed eight executive orders. The first four focus on reforming the State’s regulatory morass. They include directives which impose a State “time of decision” mandate, create a “Red Tape Review Group”, and freeze pending state regulations.
On July 27, 2009 NJBA added another win to our score sheet with the signing of the Economic Stimulus Act of 2009 (P.L.2009, c. 90). The law is yet another initiative intended to spur economic development, and, at NJBA's request, includes provisions to encourage residential development in urban areas.
On July 2, 2009 Governor Jon Corzine enacted S2577 (Sarlo/Vitale/Greenwald/Malone). The law takes effect immediately and would allow for the conversion of certain age-restricted housing developments pending approval by a municipal planning or zoning board. In order for a project to be eligible for a conversion, a developer must meet certain requirements:
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