NJ A1038

Restricts municipal redevelopment powers under the "Local Redevelopment and Housing Law" to municipalities with lower credit ratings (A- or below from Standard & Poor's/Fitch, A3 or below from Moody's) during the prior three-year period

Affected powers include conducting preliminary investigations into areas needing redevelopment, making official determinations that areas need redevelopment, adopting redevelopment plans, and determining areas in need of rehabilitation

Municipalities with higher credit ratings would be prohibited from exercising these redevelopment and rehabilitation functions

The bill amends P.L.1992, c.79 (C.40A:12A-4), which governs how municipalities can designate and redevelop blighted or deteriorating areas

Sponsored by Assemblywoman Nancy F. Munoz representing District 21 (Middlesex, Morris, Somerset, and Union counties)