This bill amends New Jersey's housing laws to reduce the term of affordability for low- or moderate-income housing units created through middle housing construction or conversion. It establishes a minimum affordability term of 10 years for these units, which is a significant reduction from the existing requirements of 30 or 40 years based on whether the unit is for sale or rental. The bill aims to encourage the development of middle housing, defined as buildings with two to four units, including townhouses and accessory dwelling units, thereby promoting higher density housing and addressing urban sprawl.

In addition to the changes in affordability terms, the bill updates regulations for newly created rental units, requiring a minimum deed restriction of 40 years, while for-sale units will have a 30-year minimum. It also allows for the potential extinguishment of deed restrictions on 100 percent affordable rental properties after 30 years under certain conditions, such as refinancing or rehabilitation. The bill includes provisions for the establishment of affordable housing programs, certification processes for administrative agents and municipal housing liaisons, and allows for immediate adoption of regulations to implement these changes, with the bill set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:27D-304, 52:27D-313.3, 52:27D-321