New Jersey § 40A:12A-4.2 Guidelines for tax abatement relative to affordable housing.

New Jersey Statutes

§ 40A:12A-4.2 — Guidelines for tax abatement relative to affordable housing.

New Jersey § 40A:12A-4.2

Title 40AMUNICIPALITIES AND COUNTIES

This text of New Jersey § 40A:12A-4.2 (Guidelines for tax abatement relative to affordable housing.) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 40A:12A-4.2 (2026).

Text

2.Any municipality that makes the receipt of a tax abatement conditional upon the contribution to an affordable housing trust fund shall include within the ordinance detailed guidelines establishing the parameters of this requirement including, but not limited to, the following: a. standards governing the extent of the contribution based on the value of construction for market rate residential or non-residential construction, as the case may be; provided, however, that this contribution shall not exceed $1,500 per unit for market rate residential construction, $1.50 per square foot for commercial construction, and 10 cents per square foot for industrial construction; b. a schedule of payments based upon phase of construction; and c. parameters governing the expenditure of those funds, leg

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2. Any municipality that makes the receipt of a tax abatement conditional upon the contribution to an affordable housing trust fund shall include within the ordinance detailed guidelines establishing the parameters of this requirement including, but not limited to, the following: a. standards governing the extent of the contribution based on the value of construction for market rate residential or non-residential construction, as the case may be; provided, however, that this contribution shall not exceed $1,500 per unit for market rate residential construction, $1.50 per square foot for commercial construction, and 10 cents per square foot for industrial construction; b. a schedule of payments based upon phase of construction; and c. parameters governing the expenditure of those funds, legitimate purposes for which those funds may be used, and the extent to which funds may be used by the municipality for administration. L.2003,c.125,s.2.