Housing (Historic Preservation)

This bill reduces the total amount of tax credits available under the Next New Jersey Program from $500 million to $250 million. It directly affects businesses and organizations in New Jersey that apply for financial incentives to support projects in areas such as historic preservation, brownfield redevelopment, innovation, food access, and cultural arts. The legislation establishes specific annual and overall spending limits for each of these sub-programs, ensuring that the total funding allocated over a nine-year period does not exceed the new cap. Additionally, the bill directs a portion of the tax credits for brownfield redevelopment to be sold through competitive auctions, with the proceeds designated for housing and mortgage initiatives.

This bill (A 226) establishes a process for New Jersey municipalities to be exempt from certain affordable housing obligations if designated as "extensively flood-prone" by the housing council. It allows municipalities to avoid fulfilling fair share housing requirements - including past obligations - when flood risk would jeopardize development or preservation efforts. The exemption applies when flood-prone areas prevent feasible housing development, alongside existing adjustment factors like historic preservation or infrastructure constraints. The bill amends existing law (P.L.1985, c.222) to formalize this flood-risk exemption as a specific pathway for municipalities. The bill was introduced on January 13, 2026, and referred to the Assembly Housing Committee.

This bill amends New Jersey law to allow municipalities to count housing units built or rehabilitated as early as January 1, 1948, toward their fair share of low and moderate income housing, expanding the previous cutoff date of April 1, 1980. It directly affects all New Jersey municipalities required to meet regional housing needs for low and moderate income households under the Fair Housing Act. The change enables municipalities to include older housing units in their calculations, potentially reducing the number of new units they must provide. This adjustment is part of the process for determining a municipality's "fair share" of housing need within a regional housing plan.