New Jersey S1162 imposes a surcharge on documents related to real property in cities of the first class to fund affordable housing.
New Jersey S1162 mandates an additional surcharge on documents filed in county offices that pertain to real property in cities of the first class. The surcharge, ranging from $3 to $10, is intended to support affordable housing initiatives in populous municipalities. The collected funds are to be returned to the city's business administrator on a quarterly basis and deposited into the city's municipal affordable housing trust fund. This fund is to be used exclusively for creating or rehabilitating affordable housing opportunities within the city.
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