Hopefully, by this time, all of you know that Governor Corzine signed Legislation that would substantially revise the obligation of developers under Assembly Bill 500 to contribute 2.5 % of the assessed value of nonresidential developments to either the municipality’s affordable housing trust fund or the New Jersey Affordable Housing Trust Fund, if the municipality isn’t authorized to accept nonresidential development fees. This bill provides a window of opportunity for nonresidential projects to be exempt from the required 2.5 % contribution under their COAH obligation. The New Jersey Builders Association just put out the following press release on how to obtain your non-residential refund:
“As part of the NJ Economic Stimulus Act of 2009 that was signed into law on July 27, 2009, a provision has temporarily suspended the Non-Residential Development Fee Act. Projects that receive preliminary or final site plan approval prior to July 1, 2010, and for which a building permit is issued prior to January 1, 2013 will not be subject to any non-residential development fee. Also, any developer that has paid a non-residential development fee since July 17, 2008 may claim a refund based on certain criteria. Developers will need to submit the N-RDF Claim Form to request a refund. The deadline to submit a claim with supporting documentation is November 30, 2009.