Of most interest to real estate developers was his proposal for a suspension of fees tied to development of affordable housing in the state. Under Council On Affordable Housing rules, communities--and by extension residential developers--are required to allot a certain percentage of new houses to the "affordable" category. Developers of non-residential projects are required to pay a fee to support affordable housing development.
"Recognizing the economic realities and pressures of the current economic environment, I am calling [on the COAH board] for a one-year moratorium on the 2.5% developer's fee," Corzine said. "I am additionally calling for exempting projects that were in the pipeline before the fee was instituted."
He also called for tighter controls on property tax increases. "I'm sending 'formal instruction' to the Local Finance Board to firmly enforce the 4% levy cap in the coming year," Corzine said. "Last year, we saw 80% of reporting municipalities come in over the cap. In fact, 30% came in with increases of 10% or more. We need to reverse this pattern."
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