SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 538

with committee amendments

STATE OF NEW JERSEY

DATED:  JUNE 25, 2018

      The Senate Community and Urban Affairs Committee reports favorably and with committee amendments Senate Bill No. 538.

      As amended, this bill would allow a municipal governing body to extend a long term tax exemption granted to certain low-income housing projects.  Under the amended bill, the extended tax exemption time frame would be limited to the number of years that the project continues to receive project-based federal section 8 rental assistance, or other federal project-based assistance.

      This bill was pre-filed for introduction in the 2018-2019 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.

COMMITTEE AMENDMENTS:

      The committee amendments expanded the provisions of the bill to apply to all subsidized housing projects receiving project-based federal rental assistance.  Originally, the bill applied only to those projects that are restricted to senior citizens or persons with disabilities.