WASHINGTON, D.C. – December 13, 2013 – (RealEstateRama) — Bipartisan legislation sponsored by Assembly Republican BettyLou DeCroce, R-Morris, Essex and Passaic, that extends the moratorium on the imposition of fees on non-residential construction projects through December 31, 2014 was approved by the Assembly Appropriations Committee today. The moratorium had expired on July 1, 2013.
The legislation, A-4457, provides that municipalities are required to return any monies paid by a developer during the time period between July1, 2013 through the effective date of the bill. Municipalities that have already spent such fees on affordable housing projects would not be required to provide a refund.
“The building industry is one of New Jersey’s key economic drivers as it creates jobs and facilitates commerce,” said DeCroce. “Extending the moratorium will save builders from re-applying for approvals previously obtained which only drives up the costs of a project. Many jobs are created both directly and indirectly due to the building industry, such as suppliers, retailers, financial institutions and real estate.
“Extending the expiration date will save permit holders millions of dollars that can be used to create good-paying jobs,” explained DeCroce. “I would like to thank my colleagues Assemblymen Burzichelli, Bramnick and Singleton and Assemblywoman Lampitt for working in a bipartisan manner on this legislation.”