New Jersey § 45:22a-46

§ 45:22a-46.

The Legislature finds and declares that: a. While the cost of housing in New Jersey has declined under currently eroding economic

conditions, the cost of both renting and homeownership remains unaffordable to a large

percentage of New Jersey residents, including those who make vital contributions to

their communities such as teachers, nurses, police officers, firefighters, and the

general workforce population; b. In recognition of this crisis, Governor Jon S. Corzine has committed to producing

and preserving 100,000 units of affordable housing for low-, moderate- and middle-income

families and individuals over the next 10 years; c. According to the 2000 U.S. Census, 55 percent of these families are one and two

person households, many of which are unable to find homes and apartments designed

to meet their needs; d. While no policy is singularly responsible for current housing conditions, zoning

practices have resulted in a lack of land approved for housing which meets the needs

of households requiring smaller housing units; e. The shortage of affordably priced workforce housing has been exacerbated in recent

years by a municipal preference for age-restricted housing which has resulted in an

oversupply of age-restricted housing approvals and an inability among the majority

of New Jersey's workforce to live near their jobs; f. (Deleted by amendment, P.L.2013, c. 253 .) g. Although the maximum municipal percentage of affordable fair share housing which

may be met by age-restricted units in a municipality has been reduced from 50 percent

to 25 percent under the recently adopted rules of the Council on Affordable Housing,

a mechanism is needed to permit an age-restricted development to change to a converted

development to meet this rule, and to meet demographic needs; and h. Under currently deteriorating national economic conditions, it is appropriate to

take immediate action at this time to create the opportunity to increase the production

and supply of workforce housing through the conversion of the over-supplied age-restricted

market to meet the needs of New Jersey's residents who require smaller, more reasonably

priced homes.