WILDWOOD — A new law signed by Gov. Jon Corzine will impose a 2.5 percent fee on all non-residential new construction and additions.
According to the state Council on Affordable Housings, New Jersey communities are required to rehabilitate a certain number of homes and provide additional affordable unite. The new 2.5 percent fee will go to support affordable housing efforts as of July 18.
The fee is charged for “equalized assessed value of the land and improvements for all new non-residential construction on an unimproved lot or lots,” according to the law. The same fee would be charged on the increase in assessed value for additions to non-residential structures.
While none of the island’s officials want to say they are against affordable housing, many are worried about the impact on their community’s development. The concern is developers might go somewhere else more attractive and affordable to build their on-residential project, especially in areas where the municipalities are trying to encourage construction to replace lost motel rooms.
Wildwood introduced the new fees in an ordinance on July 23.
Lou Ferrara, Wildwood’s Development Director, has said the solution is to convince residential developers to include affordable housing in their building plans.
In the meantime, the state League of Municipalities has already appealed the state’s new affordable housing laws.
Contact Suit at: (609) 886-8600 ext. 25 or lsuit@cmcherald.com
Wildwood Crest – As a second homeowner I must write checks and get next to nothing in return. I’m ok with that, I get it. What I can’t take is illiterate WWC spouters complaining about out of state tags being in “…
