Bills will ensure more New Jerseyans have the opportunity to create lasting memories in homes they can truly call their own
(TRENTON) — Assembly Democrats applauded Governor Phil Murphy’s signing today of bill A4 and a package of affordable housing bills that will improve NJ’s housing shortage, support municipalities in meeting their housing obligations, and enable more people to find a place to call home.
Here is what the bill sponsors had to say:
“We have an obligation to expand opportunities and make housing more affordable in our state,” said Assembly Speaker Craig J. Coughlin (D-Middlesex). “When more families are secure in homes of their own, they contribute to their communities and our economy thrives. This legislation strikes the right balance in incentivizing opportunity and providing support for municipalities.”
“A house is much more than four walls and a roof, it is a place where cherished memories are made, an asset that creates generational wealth and a structure upon which a great quality of life can be built,” said Assemblywoman Yvonne Lopez (D-Middlesex). “The signing of A4 will allow more hard working families to have access to affordable housing and ahead of the 4th Round offers a pathway for municipality’s to deliver on their constitutional obligations within a consistent and uniform process for decades to come. The signing of this bill will allow more New Jerseyans to move into, stay and thrive in the communities they love.”
“These bills being signed into law today will address the housing needs of numerous New Jersey residents, spanning from the youngest children to the eldest seniors,” said Assemblyman Benjie E. Wimberly (D-Bergen, Passaic). “A3337 streamlines the process for towns to build or preserve certain affordable housing units by exempting them from property taxation. Instead, a municipality and housing sponsor may negotiate a payment in lieu of taxation (PILOT), contributing funds toward crucial services like garbage collection, road upkeep, schools, and other essential town services.”
“Empowering New Jersey residents is at heart of our efforts to create more affordable housing in New Jersey,” said Assemblyman Robert J. Karabinchak (D-Middlesex). “By making materials associated with the construction of affordable housing tax exempt, A1495 is mitigating the cost for developers and subsequently lowering the costs for New Jerseyans renting or owning their places of residence.”
