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Gov signs affordable housing bill
(by Corey Klein - July 17, 2008)
Governor Jon Corzine signed legislation today that will reform New Jersey’s affordable housing rules. The new law will end regional contribution agreements, a provision that allowed municipalities to pay another municipality to provide its affordable housing obligation.
The bill also establishes a 2.5 percent fee on all non-residential development and expands the calculation of vacant land to include environmentally sensitive lands.
This legislation raises the number of affordable housing units towns must provide considerably. Several area towns, including Rutherford, and North Arlington, are considering joining a lawsuit with the New Jersey League of Municipalities claiming the affordable housing laws will have a negative effect on local property taxes. East Rutherford passed a resolution last Tuesday joining the league's suit.
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