Housing

This New Jersey bill requires sellers of real property to disclose on the property condition disclosure statement whether a dam is located on the property and to provide details about the dam's hazard classification, inspection results (if required by law), and any obligations the buyer would assume. The disclosure form will include specific questions about dams, and sellers must explain "yes" answers or state "unknown" if they lack knowledge. The bill also directs purchasers to a state website maintained by the Department of Environmental Protection, which provides information on dam safety, ownership responsibilities, and hazard classifications. This requirement applies to property sales occurring 90 days after implementing regulations.

This bill creates the "Missing Middle Homes for All Pilot Program" to help New Jersey address housing shortages by developing pre-approved home designs that middle-income families can afford. The program, which receives a $2 million appropriation, will be managed by the Department of Community Affairs to produce ready-to-build plans that municipalities can adopt to speed up construction and lower costs. It specifically targets households earning between 80 and 120 percent of the median income, a group often excluded from current housing assistance, and sets up a process for public input and municipal applications to select participating towns. The initiative is designed to run for ten years, with the goal of increasing the supply of small-scale homes that meet affordability standards for moderate and low-income residents as well.

This bill modifies funding rules for homeowners associations in planned real estate developments in New Jersey. It requires these associations to conduct professional reserve studies every five years to estimate the costs of repairing or replacing shared building components. The studies must include detailed financial projections over 30 or 35 years, ensuring the community's savings account does not drop below zero. Associations with less than $25,000 in common area capital assets are exempt from these requirements.

This New Jersey bill establishes legal protections to pause property recovery proceedings when there is evidence of deed theft or fraud. It requires courts to issue temporary stays on evictions and title disputes if a government agency is investigating the matter or if a criminal complaint has been filed against a party involved in the property transaction. Additionally, the law creates a rebuttable presumption that a genuine dispute over ownership exists if the person challenging the title owned or had an interest in the property within the last three years. These measures aim to prevent the loss of residential homes while investigations into title fraud or financing schemes are ongoing, without limiting a party's ability to seek relief in other courts.

S 1759 increases the portion of rent that counts as property taxes for tax deduction purposes from 18% to 30% for renters whose rental unit is their primary residence. It also raises the maximum property tax credit amount from $50 to $250 for eligible taxpayers, including those aged 65 or older, or who are blind or disabled and not subject to New Jersey income tax. These changes apply to both homeowners and renters who qualify for these tax benefits under New Jersey law. The bill modifies specific definitions and credit thresholds in the state's tax code without altering eligibility criteria.