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NJ URGED ‘TO GET CREATIVE’ ON TAX INCENTIVES, FOCUS ON AFFORDABLE HOUSING

Colleen O’Dea | July 19, 2019 | NJ Spotlight |

 

Call comes amid a stalemate between the governor and leading legislators over the future of state economic-development efforts

Despite the stalemate between Gov. Phil Murphy and Democratic legislative leaders over New Jersey’s major tax-incentive programs, some lawmakers think now is the perfect time to push for new tax breaks aimed specifically at spurring the construction of affordable homes.

Legislation pending in both the Senate and Assembly would provide up to $600 million in tax credits to developers of residential projects where at least half of the units would be affordable for low- or middle-income households, including 13 percent reserved for very-low income residents. Under federal guidelines, a three-person household qualifies as very low-income with income of up to $45,250, while the low-income limit for three people is $67,950.

“The need is outweighing the resources we have in place and we have to get creative,” said Sen. Troy Singleton (D-Burlington), who is sponsoring the Senate version of the bill, S-1482.

New Jersey is among the most expensive states in which to live and last year a Superior Court judge estimated the needfor new affordable units at nearly 155,000 statewide.

Read the full article on NJ Spotlight.