Housing (Affordable Housing)

This bill creates a New Jersey tax credit for first-time homebuyers purchasing eligible homes during specific periods. It provides a credit equal to 5% of the home price (up to $15,000) for homes used as a principal residence for 36 consecutive months. The program has a total funding cap of $100 million, allocated across four terms with separate limits for new homes and previously occupied homes. The credit is applied over three tax years, and applicants must pre-qualify through the state director's office before purchase.

This bill, S 2889 ("The Desegregate New Jersey Act"), requires New Jersey municipalities to permit accessory dwelling units (ADUs) - secondary living spaces on single-family lots - and mixed-use developments (combining residential and commercial spaces) in areas currently zoned only for single-family homes. It directly affects municipalities (by changing zoning rules) and homeowners (by allowing ADUs without triggering affordable housing quotas). Key provisions ban restrictions like mandatory passageways between units, parking fees for ADUs, or age requirements for occupants, and set a 65-day deadline for permit decisions. Municipalities failing to update zoning by June 2022 must follow these rules until compliance, removing barriers to denser, more diverse housing options.

This bill directs 50% of revenue from fees and taxes on real property transfers exceeding $1 million (applied to sellers of residential, commercial, and certain other high-value properties) to the New Jersey Affordable Housing Trust Fund. Instead of depositing these funds into the General Fund as current law requires, the bill mandates they support affordable housing programs. The change takes effect July 1 following enactment, with the Trust Fund managing these dedicated resources for housing initiatives.

S 1946 allows New Jersey municipalities to create programs giving priority for affordable housing units to low- and moderate-income veterans who served in wartime or emergencies (up to 50% of affordable units in a project). It amends state housing law to let municipalities use tools like rezoning, tax abatements, or public land to build affordable housing while requiring units to remain affordable for at least six years. The bill specifically adds a veteran preference mechanism into housing selection processes but does not require municipalities to raise taxes or spend public funds for this purpose. This directly affects municipalities developing housing projects and low-to-moderate-income veterans seeking housing in New Jersey.

This bill creates a $50 million state fund to help municipalities revitalize vacant, abandoned, or foreclosed properties and convert them into affordable housing for low- and moderate-income residents. It modifies foreclosure rules to allow certified mail notice instead of personal service for tax lien holders seeking to foreclose, speeding up the process while complying with due process requirements established by recent court rulings. The bill directly affects municipalities (which manage property revitalization), tax lien holders (like counties), and renters who benefit from new affordable housing. Key provisions include the dedicated funding for rehabilitation and revised procedures to reduce delays in repurposing properties, addressing New Jersey's shortage of over 200,000 affordable housing units.