This bill reduces the total amount of tax credits available under the Next New Jersey Program from $500 million to $250 million. It directly affects businesses and organizations in New Jersey that apply for financial incentives to support projects in areas such as historic preservation, brownfield redevelopment, innovation, food access, and cultural arts. The legislation establishes specific annual and overall spending limits for each of these sub-programs, ensuring that the total funding allocated over a nine-year period does not exceed the new cap. Additionally, the bill directs a portion of the tax credits for brownfield redevelopment to be sold through competitive auctions, with the proceeds designated for housing and mortgage initiatives.
This bill allows New Jersey municipalities to designate specific sites as areas in need of redevelopment if those sites are officially planned for affordable housing in the town's housing element and fair share plan. To qualify, the site must be designated for inclusionary development that includes both market-rate and affordable housing, or exclusively affordable housing, and the plan must have been approved by a court to meet the municipality's legal housing obligations. The change expands the existing redevelopment law to enable these housing-focused areas to access redevelopment powers, such as tax exemptions and abatements, under the same conditions as other blighted or underutilized zones. Local governments would use this provision to address housing shortages by legally classifying planned affordable housing projects as redevelopment areas.
This bill expands New Jersey's Brownfields Redevelopment Incentive Program to offer tax credits specifically for developers creating residential projects on cleaned-up brownfield sites. The legislation amends existing state laws to formally define key terms such as 'affordable housing' and 'developer,' ensuring clarity for those seeking financial incentives. By clarifying these definitions and extending the program's scope, the bill aims to encourage the reuse of contaminated land for housing development.
This bill allocates an additional $30 million from New Jersey's General Fund to the Department of Community Affairs for the Neighborhood Revitalization Tax Credit program in fiscal year 2026. The funding will support nonprofit organizations that implement approved plans to improve low and moderate income neighborhoods through local development projects. The program operates by allowing businesses to receive tax credits when they invest in these qualifying revitalization initiatives, with the bill providing the state funding needed to sustain this mechanism.
This bill requires New Jersey's Department of Banking and Insurance to evaluate and rate financial institutions based on how well they serve low- and moderate-income consumers through lending, investments, and services. The law mandates that banks and credit unions develop community benefits plans with measurable goals for providing financial products to underserved areas and defines specific activities that count as community development, such as affordable housing, small business financing, and climate resilience projects. Financial institutions must demonstrate they meet the needs of the communities where they operate, and the Department will use these ratings to encourage continued support for local economic needs while ensuring safe and sound banking practices.
This bill revises foreclosure sale procedures for residential properties in New Jersey, directly affecting sheriffs, lenders, homeowners, and nonprofit community development corporations (CDCs). Key changes include requiring sheriffs to sell foreclosed properties within 150 days, mandating specific notice rules (including Fair Debt Collection Act compliance), and establishing a 3.5% deposit requirement for nonprofits or residents who plan to occupy the property for 84+ months. It also prohibits lenders from delaying sales if a nonprofit or homeowner intends to bid, and requires disclosure of property occupancy status before sale. The bill amends existing law (P.L.1995, c.244) and is currently pending in committee (introduced Jan. 2026).
This bill prohibits sewerage authorities in New Jersey from charging new connection or tapping fees when redeveloping property that has been connected to the sewer system for 20 or more years. It applies even if the property was inactive for a period or if the redevelopment requires modifying the existing sewer connection. Property owners who paid such fees in protest before the law took effect are entitled to reimbursement from the sewerage authority. The law aims to reduce financial barriers to redeveloping vacant or obsolete properties that already contributed to the sewer system through prior fees or usage.
This bill provides an extra $10 million in state funding for community projects in Paterson through the New Jersey Community Development Corporation. The funds are specifically allocated to three projects: $4 million for the Great Falls Youth Center at 52 Front Street, $3 million for a STEM/AI Innovation Hub at 59 Spruce Street, and $3 million for affordable housing with retail space at 98 Spruce Street. The funding is supplemental to existing appropriations and targets physical improvements and services in Paterson. The bill directs the corporation to use these funds immediately for these designated projects.
This bill reassigns $500,000 in state funds from the City of Camden's Capital Projects budget to Parkside Business & Community in Partnership, a local nonprofit organization. The funds, originally designated for Camden city capital projects, will now support the nonprofit's neighborhood revitalization work in Camden's Parkside area, focusing on commercial development and housing. The change modifies the Fiscal Year 2026 appropriations act to shift the funding source while maintaining the same total appropriation amount. This is a procedural reallocation of existing funds, not a new policy or funding increase.
This New Jersey bill (A 177) removes farmland from the legal definitions of "redevelopment area" and "rehabilitation area" under the Local Redevelopment and Housing Law. It directly affects farmers and agricultural landowners by preventing their property from being designated for redevelopment projects that might displace farming operations. The bill amends Section 3 of P.L.1992, c.79 to exclude farmland from these categories, ensuring agricultural use isn't subject to redevelopment processes. This is a definitional change with no new programs or funding, solely protecting farmland from being reclassified under existing redevelopment law.
