NJ A494

Municipalities would receive two units of credit toward their fair share affordable housing obligation for each affordable housing unit created on previously abandoned property

Properties must have been formally listed on the municipality's abandoned property list established under existing state law (C.55:19-55)

The property must be subsequently removed from the abandoned property list following rehabilitation to qualify for the credit

Housing units must be restricted for occupancy by low or moderate income households to receive the double credit

The bill amends the Fair Housing Act (P.L.1985, c.222) to incentivize rehabilitation of abandoned properties while addressing affordable housing requirements