ASSEMBLY VOTES TO GIVE MORE TIME TO SPEND AFFORDABLE HOUSING MONEY

Local towns might be getting the time they need to commit affordable housing dollars. The Assembly bill passed that would extend the time period that a municipality has to commit to expend collected development fees and payments-in-lieu of constructing affordable housing units, which are held in a municipal trust fund, from four years after the date of collection to six years after the date of collection. Coastal Broadcasting recently reported that Middle Township was one municipality that was seeking an extension from the July 17 deadline. The measure now heads to the Senate for consideration.