New Jersey A1247 increases the maximum municipal percentage of affordable fair share housing satisfied by age-restricted units to 50 percent.
New Jersey A1247 amends the state's affordable housing regulations to increase the maximum percentage of a municipality's affordable fair share housing obligation that can be met by age-restricted units to 50 percent. This change reverses a previous reduction from 50 percent to 25 percent, which was partially invalidated by the courts. The act takes effect immediately upon enactment.
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