FOR
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Senate:
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Assembly:
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February
4, 2016
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Press
Office
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Press
Office
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(609)
847-3700
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(609)
847-3500
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green and LESNIAK ANNOUNCE
PLAN FOR AFFORDABLE HOUSING
TRENTON – Assemblyman Jerry Green
and Senator Raymond Lesniak announced an affordable housing initiative on
Thursday that would utilize tax incentives to help increase the construction
and availability of low- and moderate-income housing. Joined in support by
housing advocates, the legislators said they are introducing legislation,
S-894, that would provide up to $600 million in tax credits to build affordable
housing.
The tax credits would be part of
the state’s Economic Redevelopment Growth program.
“Since the recession, our economy
has struggled to rebound like other states and more and more New Jersey
families are struggling to get by,” said Assemblyman Green
(D-Middlesex/Somerset/Union). “The need for quality, affordable housing
for low and moderate income families has never been more pressing. This
tax incentive program is designed to entice developers to invest in our most
distressed communities, which will in turn stimulate job creation, and ultimately
boost the quality of life for both families and the communities in which they
reside.”
“This bill will incentivize the
development of affordable housing,” said Senator Lesniak. “It will rebuild
neighborhoods and spur investment in communities. We need to transform cities
from areas with just offices to communities with robust residential populations
that are alive with activity seven-days per week.”
An estimated 155 communities in which the median family
income does not exceed 80 percent of the statewide or metropolitan median
family income, as reported in the most recent census, would qualify under terms
of the proposed legislation, Senator Lesniak said. They would include cities
and towns identified by the Department of Community Affairs to be facing serious
fiscal distress.
In order to qualify for the tax credit, a developer must
construct a residential project in which at least 20 percent of the residential
units are reserved as low- to moderate-income housing, 13 percent for very low
income residents and at least 20 percent of the units are constructed for
workforce housing. The project would have to have at least 25 dwelling units.
Developers would apply for tax credit in the same manner in which developers
applied for grants under the state’s Economic Redevelopment Growth Program.
The development efforts would help promote mixed-use
development with a broad range of income groups, Senator Lesniak said.
“New Jersey is a high-cost state when it comes to
housing,” said Senator Lesniak. “For low-income families and working people
affordable housing can be an expensive challenge. This will help address that
need.”
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