New Jersey S2105 provides additional credit for abandoned property converted to affordable housing.

New Jersey S2105 amends existing law to grant additional credit against a municipality's fair share obligation for abandoned property that has been converted into affordable housing. This bill incentivizes the rehabilitation of abandoned property and facilitates the establishment of affordable housing in areas that benefit surrounding neighborhoods. The additional credit applies to housing units restricted for use by low and moderate income households, provided the property was previously on an abandoned property list and has since been removed.

New Jersey S2105 provides additional credit for abandoned property converted to affordable housing.

New Jersey S2105 amends existing law to grant additional credit against a municipality's fair share obligation for abandoned property that has been converted into affordable housing. This bill incentivizes the rehabilitation of abandoned property and facilitates the establishment of affordable housing in areas that benefit surrounding neighborhoods. The additional credit applies to housing units restricted for use by low and moderate income households, provided the property was previously on an abandoned property list and has since been removed.