TRENTON, NJ-The stte Assembly approved a bill Wednesday that would waive the 2.5% fee developers pay to support development of affordable housing units in the municipalities where the projects are located.
The vote was unanimous, 78-0. The measure is pending before the state Senate.
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TRENTON, NJ-Commercial developers would not have to pay the 2.5% fee to municipalities on any projects that do not involve housing under a bill to be voted on in the state Assembly today.
The bill would officially waive the fee that channels money into municipal trust funds to support affordable housing. The fees have been waived as a stimulus to development for several years. (See story in the Star-Ledger.)
The bill sponsored by Democratic assemblyman John Burzichelli, who is from Gloucester, would exempt projects retroactive to last July and through 2014.
Since the state's system for financing affordable housing is undergoing court-ordered review, Burzichelli said, developers should not have to make payments according to its terms.
"Holding commercial development hostage, for a purpose that didn't seem to be fulfilled, didn't seem to be prudent," Burzichelli said.
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