On June 23, the New Jersey Assembly passed Bill A1907, which proposes to extend the now-expired moratorium on the Nonresidential Development Fee. The moratorium on the fee, which is 2.5 percent of the equalized assessed value of a nonresidential project, expired on July 1, 2013. The Bill proposes to extend the moratorium to December 31, 2014. The Bill provides that a developer that has paid the fee after July 1, 2013, can seek a refund of monies, unless that town has already expended the funds for affordable housing projects. A similar bill is currently under consideration by the Senate.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.