follow us:Google+ FacebookLinkedInTwitterRSS Feeds

advertisement

Latest ‘Economic Opportunity Act’ bill approved by Senate

By

Back to Top Comments Email Print

Latest News

advertisement
Sen. Lesniak's
Sen. Lesniak's "Economic Opportunity Act of 2014" was passed by the Senate Thursday. - (AARON HOUSTON)

The first part of state Sen. Raymond Lesniak’s (D-Union) “Economic Opportunity Act of 2014” was passed 34-2 by the Senate Thursday, sending the bill onward for Assembly consideration.

The bill, which also lists state Sen. Nellie Pou (D-Paterson) as a sponsor, focuses primarily on affordable housing and redevelopment incentives that Lesniak had originally hoped would have landed in last year’s landmark bill, the “Economic Opportunity Act of 2013.”

Included in the new bill is a relaxation of a requirement that developers set aside 20 percent of new residential units for low- or moderate-income housing. Municipalities will instead be granted the authority to determine what percentage of newly-constructed units are to be reserved for those income levels.

“Many of our urban municipalities have an adequate supply of affordable housing and need more market rate units to attract a diversity of income,” Lesniak said. “Plus, the set aside requirement can create a financial disincentive and hamper urban development.”

The legislation also provides developers with an extension for submitting certificates of occupancy in order to receive the credit, and offers an additional $250 in tax credits set aside solely for affordable housing purposes.

“The development of affordable housing has unfortunately slowed significantly in New Jersey as the governor challenges the authority and the mandate of the Council on Affordable Housing,” Pou said. “This additional money will help spur interest and give communities greater opportunities to leverage the money to get additional federal dollars.”

Lesniak has said in the future he will introduce the second part to the legislation, an expansion of the state’s tax credits for film and digital media productions that has thus far received negative feedback from Gov. Chris Christie’s administration.

Originally, Lesniak introduced both parts together as one large follow-up bill to last year’s incentives overhaul but withdrew it in December in order to break it into two separate less-controversial bills.

ALSO ON NJBIZ:

Vivint Solar bringing hundreds of jobs to Jersey

N.Y. developer eyes Jersey City site for residential high-rise, report says

Most-read March 27: NJBIZ Health Care Power 50 (slideshow)

Share This Story On:
Andrew George

Andrew George

Andrew George covers the Statehouse from NJBIZ's Trenton bureau. Born and raised in N.J., Andrew has also spent time as a reporter in D.C., Texas and Pa. His email is andrewg@njbiz.com and he is @AndrGeorge on Twitter.

advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy

Advanced search
Sponsored by
advertisement
  
  
advertisement
  
  
advertisement
Back to Top