GREENWALD AGE-RESTRICTED HOUSING BILL SIGNED INTO LAWMeasure Will Create Jobs, Affordable Homes, Preserve Local Control(TRENTON)—Legislation sponsored by Assemblyman Louis Greenwald (D-Camden) to permit developers of new housing construction projects currently restricted to those who are 55 and older to apply for elimination of the age restriction was signed into law today. “Jump-starting stalled housing construction projects are essential to jump-starting our economy,” said Greenwald (D-Camden). “Allowing some new age-restricted developments the opportunity to open doors to families of all ages will create jobs, provide working families affordable places to live and ensure local input remains a guiding factor of these development projects.” Greenwald stressed that no 55-and-over development will be eligible for conversion if even one individual has already purchased or put down a deposit on a unit. Age-restricted developments where residents have already moved into homes similarly will be prohibited from conversion. As reported by the Star-Ledger on Feb. 15, 2009, New Jersey’s municipalities have approved an overabundance of 55-and-older age-restricted housing developments. Estimates suggest the oversupply of such age-restricted homes is between 15 to 20 years into the future, far outweighing current demand. “Because of the supply glut in the age-restricted housing market, projects have stopped. Yet many young professionals – teachers, police officers and firefighters among them – are finding themselves increasingly unable to afford homes in the very communities they serve,” said Greenwald. “We must provide a limited and responsible avenue to build homes for the middle-class residents who need them while putting New Jerseyans back to work.” Under the law, a developer seeking to convert an age-restricted community will be required to file an application with the local planning board or zoning board of adjustment that granted the initial approval of the development. Prior to issuing an amended approval for the conversion, the local board will be required to have received documentation from the developer demonstrating that the stringent site improvements and infrastructure requirements have been satisfied. The Assembly recently voted 46-28, with 4 abstentions, to amend the bill in accordance with recommendations from Governor Jon Corzine. Those changes permit local officials to deny an application for conversion, require 20 percent of units in affected developments to be set-aside for affordable housing and allow the courts to review local board decisions. Corzine signed the bill today.  On the Net:                                              www.youtube.com/user/njassemblydemshttp://www.facebook.com/pages/Trenton-NJ/New-Jersey-Assembly-Democrats/65894455504http://www.assemblydems.com/Subscription/SubscriptionSignIn.asp