“Under the new regulations, if a developer, for example, gains approval to erect 100 houses in wealthy Tewksbury in Hunterdon County, 20 of them must be affordable. If a developer constructs a 200-unit apartment building in Newark’s reviving Penn Station neighborhood, 40 must be affordable. COAH is expected to give preliminary approval to the new regulations Monday.”
In addition, “Doria said much of the money to finance Gov. Jon Corzine’s plan to erect 100,000 affordable units in 10 years will come from $168 million in builder fees that municipalities have been collecting and basically sitting on for as long as a decade.”
To read the full article in the Star-Ledger click here.