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September 28, 2010

Developers Take Advantage of New Law to Convert Age-Restricted Developments

By: Michael J. Lipari, Esq.

Last year, New Jersey passed a law that allows builders to apply to local planning boards to convert age-restricted (55+) residential developments to non-age restricted developments that would be open to persons of all ages. Due to the abundance of approved age-restricted projects and overall lack of demand, developers have begun using this law as a means to convert their stalled projects into more feasible ones devoid of age restrictions.

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July 07, 2009

Governor Corzine Signs Bill to Allow Conversion of 55+ Housing

By: Henry T. Chou, Esq.

On July 2, 2009, Governor Corzine signed into law a bill (S2577) that allows builders to apply to local planning boards to convert age-restricted (55+) residential developments to non-age restricted developments that would be open to persons of all ages.

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May 07, 2009

Governor Corzine Conditionally Vetoes Housing Bill

By: Henry T. Chou, Esq.

Apparently bowing to the pressure of mayors throughout the State, Governor Corzine has conditionally vetoed legislation that would have allowed builders to convert age-restricted (55+) residential developments to non-age restricted developments that would be open to persons of all ages.

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April 27, 2009

Possibility of school-age children (gasp!) threatens housing bill

By: Henry T. Chou, Esq.

Over a month ago, both Houses of the New Jersey Legislature passed a bill (A3772/S2577) that would allow certain approvals for age-restricted (55+) developments to be converted to approvals for non-age restricted developments, provided the builder meets certain conditions and agrees to provide a percentage of affordable housing as part of the development.

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March 17, 2009

Legislature Adopts Bill to Allow Conversion of 55+ Housing to Non-Age Restricted Housing

By: Henry T. Chou, Esq.

On March 16, 2009, the New Jersey Assembly and Senate adopted a bill (A3772/S2577) that would allow certain approvals for age-restricted (55+) developments to be converted to approvals for non-age restricted developments. The bill would allow developers who have obtained approvals for age-restricted projects to apply to planning boards to remove the age-restriction, provided that the developer is not holding any deposits for the sale of age-restricted homes or has not already conveyed any such units.

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