An amended New Jersey State Senate bill (S.1), which modifies the laws related to affordable housing development in the state, was passed by committee on November 8 and will now be considered by the full state Assembly. The bill requires that towns make 10 percent of new development affordable housing, and abolishes the Council on Affordable Housing. Developers who do not set aside 10 percent of their units as affordable would pay a 3.5 percent penalty to the state, which would be used to construct affordable housing in the same town. The bill also includes 2.5 percent fee on non-residential development, phased in over five years. As currently proposed, the bill stands little chance of becoming law regardless of the Assembly’s vote after Governor Chris Christie pledged to veto it last week. Read More…