The deadline for municipalities to pass a binding resolution determining their present and prospective fair share obligation under the fourth round of affordable housing was January 31. Linked here is a chart showing both the Department of Community Affairs (“DCA”) and the municipalities’ present and prospective need calculations. The chart also identifies the reduction, if…

Governor Murphy today signed Senate Bill 1323/Assembly Bill 2076, the long-awaited legislation correcting many of the impediments holding-back the use of “NJ Aspire” – a potentially powerful financial incentive that was designed to address project financing gaps through the awarding of transferable, pledgeable state tax credits to eligible proposed redevelopment projects.

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Earlier today, the Superior Court judge hearing a lawsuit on behalf of now 26 municipalities challenging the fourth-round rules of affordable housing obligations issued an Order denying their requests for injunctive relief pending the Court’s final judgment of the litigation. The Order, which followed oral arguments held two weeks ago, states that the municipalities’ challenge to…

In our previous summary of the Aspire legislation approved by both houses of the State Legislature two weeks ago and now awaiting Governor Murphy’s enactment into law (click here to view the summary of Aspire 3.0), we noted the following with respect to the usability of Aspire tax credits:

State Buyback of Tax…

Redevelopers have always struggled to make the numbers work on their proposed projects due to the unique added expenses of redevelopment not typically encountered on “greenfield” new construction projects—costs of land assemblage, environmental remediation, and structured parking, to name a few. Project financing-gaps only widened during and following COVID, as inflation drove up the cost…

Just about two months after the New Jersey Economic Development Authority (“NJEDA”) approved the Garden State Commercial Property Assessed Clean Energy program, or “C-PACE”, it has released form documents for municipalities wanting to opt into the Program.  The documents include a sample ordinance and form Program Agreement to be executed by the NJEDA and the…

For the first time in nearly a quarter-century, the NJ State Planning Commission is making a concerted effort to update the State Development and Redevelopment Plan.  Today, the Commission released a preliminary draft of a new plan and set an ambitious timeline for adopting the document by the end of 2025.  Historically, the State Development…