New Jersey S2312 allows housing projects funded by the State or municipal affordable housing trust fund to be exempt from property tax, with the.

New Jersey S2312 amends the "Fair Housing Act" to allow municipalities to exempt housing projects funded by the State or municipal affordable housing trust fund from property tax. Instead, the housing sponsor must negotiate an agreement with the municipality for payments in lieu of taxes for municipal services. These payments can be up to 20% of the annual gross revenue from each housing project for each year of operation following substantial completion. The exemption cannot extend beyond the date an eligible loan for the project is paid in full.

New Jersey S2312 allows housing projects funded by the State or municipal affordable housing trust fund to be exempt from property tax, with the.

New Jersey S2312 amends the "Fair Housing Act" to allow municipalities to exempt housing projects funded by the State or municipal affordable housing trust fund from property tax. Instead, the housing sponsor must negotiate an agreement with the municipality for payments in lieu of taxes for municipal services. These payments can be up to 20% of the annual gross revenue from each housing project for each year of operation following substantial completion. The exemption cannot extend beyond the date an eligible loan for the project is paid in full.