New Jersey S1950 grants additional credit for affordable housing units on previously abandoned properties.
New Jersey S1950 amends the law to provide additional credit against a municipality's fair share obligation for affordable housing units on properties that were previously abandoned. This credit applies to units restricted for low and moderate income households, provided the property was on an abandoned property list and has been rehabilitated. The bill aims to incentivize the rehabilitation of abandoned properties and the creation of affordable housing, benefiting surrounding neighborhoods.
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