New Jersey A1091 allows municipalities to receive additional credit for abandoned property converted to affordable housing.

New Jersey A1091 amends existing law to provide additional credit against a municipality's fair share obligation for abandoned property that has been converted to affordable housing. This bill incentivizes the rehabilitation of abandoned property and facilitates the establishment of affordable housing in locations that benefit surrounding neighborhoods. The additional credit applies to housing units restricted for use by low and moderate income households, provided the property was on an abandoned property list and has since been removed.

New Jersey A1091 allows municipalities to receive additional credit for abandoned property converted to affordable housing.

New Jersey A1091 amends existing law to provide additional credit against a municipality's fair share obligation for abandoned property that has been converted to affordable housing. This bill incentivizes the rehabilitation of abandoned property and facilitates the establishment of affordable housing in locations that benefit surrounding neighborhoods. The additional credit applies to housing units restricted for use by low and moderate income households, provided the property was on an abandoned property list and has since been removed.