With the current legislative session scheduled to end soon, both the New Jersey Assembly and Senate introduced bills (S-2974 and A-4221) to repeal the Statewide Non-Residential Development Fee Act (N.J.S.A. 40:55D-8.1). The Act imposed development fees on builders of non-residential properties of 2.5% of the equalized assessed value of the land and improvements, for all new non-residential construction on an unimproved lot or lots.
Enacted to provide municipalities with what was supposed to be a fair and balanced funding method to address the State’s affordable housing needs, the Act has been criticized by many, including developers, trade groups and labor. As drafted, the new bill would repeal the development fees retroactive to July 2010.
Pete's Take 