Stark & Stark Shareholder Gary Forshner, member of the firm’s Real Estate, Zoning & Land Use Group, authored the article “Affordable Housing Ruling Creates Opportunity for Developers, Owners,” which was published on June 22, 2015, by the Real Estate Weekly.
The article discusses the recent NJ Supreme Court affordable housing ruling on March 10th, which transferred the responsibility to determine affordable housing allocation and how those obligations are to be met by municipalities back to the courts. The new obligations can be achieved by 100% affordable housing projects or, alternatively, “municipalities can meet their obligations by zoning for inclusionary developments whereby developers set aside a percentage of the new homes for deed restricted affordable housing.”
This ruling took effect on June 8th, opening a 30-day window for municipalities to file any necessary declaratory judgment actions. In the article, Gary reviews what property owners and developers should be doing in reaction to this decision and says, “Municipalities should be put on notice that property owners or developers are interested parties and… are willing to develop their suitable property for affordable housing. Developers and landowners should offer and… sit down with municipal officials to propose their site for affordable housing.”
You can read the full article by clicking here. For more information about this recent landmark decision, please click here.
from New Jersey Law Blog http://ift.tt/1BMXpQn
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