Search
 

Governor Proposes COAH Fee Suspension

TRENTON-Corzine's state of the state speech was dominated by the economy, but included some breaks for developers and taxpayers.

By Eric Peterson | Updated on January 14, 2009

TRENTON-The primary focus of his state of the state address was the economy and making it better, but Gov. Jon Corzine yesterday also rolled out a couple of proposals that would directly impact developers and property taxpayers. But addressing the economy first, he told lawmakers that, “New Jerseyans are tough and resilient,” he said. “I truly believe that…as a state, our best days lie ahead. Getting New Jersey through the economic crisis is my priority number one, number two and number three.”

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.