June 4, 2012
Re: Legislative Alert: COAH Trust Fund Extension Up in Both Houses
On Friday, we reported to you that S-2011, which allows an additional 2 years for the commitment of affordable housing trust fund dollars is scheduled for a hearing before the Senate Community and Urban Affairs Committee next Thursday, June 7, 11 am.
We are pleased to report that the Assembly companion to this legislation, A-2950, is now also scheduled for a hearing before the Assembly Housing and Local Government Committee on Thursday, June 7, 2 pm.
The League supports this legislation. As introduced, A-2950 and S-2011 will:
1. Extend the deadline to commit trust fund dollars from four years from the date of collection to six years. Thus, dollars subject to forfeiture to the State this July would be protected until July 2014; and
2. Provide that any dollars forfeited after six years will either be transferred to the State
Affordable Housing Trust Fund, or to the County if it has established a “Homelessness Trust Fund pursuant to NJSA 52:27D-287(e) or if it serves an “urban county pursuant to section 102(a)(6) of the “Housing and Community Development Act of 1974.” This provision allows for the trust fund dollars to be retained and used locally.
If your municipality is at risk of forfeiting its housing trust fund dollars, we urge to reach out to your State legislators and ask them to support A-2950 and S-2011. For more on this legislation, please see our May 29 Dear Mayor and May 16 Dear Mayor letters.
Questions can be directed to Mike Cerra at 609-695-3481 x120 or email@example.com.
Very truly yours,
William G. Dressel, Jr.