Source: Assembly Republican Press Release -
Bipartisan legislation sponsored by Assembly Republican BettyLou DeCroce, R-Morris, Essex and Passaic, that re-instates the moratorium on the imposition of fees on non-residential construction projects through December 31, 2014, was approved by the Assembly Housing and Community Development Committee today. The moratorium had expired on July 1, 2013.
“The building industry is one of New Jersey’s key economic drivers as it creates jobs and facilitates commerce,” said DeCroce. “Extending the moratorium will save builders from re-applying for approvals previously obtained which only drives up the costs of a project. The recent report that small business loan activity has increased 12 percent over the last six months in the state is certainly good news as this business segment accounts for the majority of our economic activity. Construction is an important first step in growing our economy.”
The legislation, A-1907, provides that municipalities are required to return any monies paid by a developer during the time period between July1, 2013, through the effective date of the bill. Municipalities that have already spent such fees on affordable housing projects would not be required to provide a refund. The Assembly unanimously approved the identical bill last December (A-4457), but it received no action in the Senate.
“Many jobs are created both directly and indirectly due to the building industry, such as suppliers, retailers, financial institutions and real estate,” stated DeCroce. “I would like to thank my colleagues Assemblymen Bramnick, Burzichelli, Singleton and Wimberly, and Assemblywoman Lampitt for working in a bipartisan manner on this legislation.”
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