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(TRENTON) – Legislation sponsored by Assembly Budget Chairman Louis Greenwald to further extend the life of building permits for commercial and residential development projects stalled by the economic downturn is now law.

The law (A-4347) extends the permits to Dec. 31, 2012, rather than July 1, 2010, as was provided under a previous law.

“Businesses are still struggling to survive the economic slowdown and shouldn’t be forced to use limited vital reDests to apply for new permits,” said Greenwald (D-Camden). “Businesses will continue to simply up-and-leave and take jobs with them without this relief.”

Greenwald said many permits were scheduled to expire due to the inability of the banking, real estate and construction industries to obtain financing in the economic downturn. The lapse of the permit approvals could cause a decline in the value of real estate involved in the projects and require a reclassifications of loans.

“Without this relief, it would cost business severely for re-permitting,” Greenwald said. “Extending this help and allowing already approved projects to go ahead once the economy turns around sends a strong message to businesses that we want them to stay in New Jersey.”

The bill was signed into law on Monday.

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