Bill that helps developers escape slow senior housing market signed into law
Legislation designed to permit developers of new housing construction projects currently restricted to those who are age 55 or older to apply for elimination of the age rule was signed into law Thursday by Gov. Jon Corzine.
"Jump-starting stalled housing construction projects are essential to jump-starting our economy," said Assemblyman Louis D. Greenwald (D-Camden), the prime sponsor of the legislation. "Allowing some new age-restricted developments the opportunity to open doors to families of all ages will create jobs, provide working families affordable places to live and ensure local input remains a guiding factor of these development projects."
Greenwald maintains that no 55-and-over development will be eligible for conversion if even one senior has already purchased or put down a deposit on a unit. Age-restricted developments where residents have already moved into homes similarly will be prohibited from conversion.
via http://www.newjerseynewsroom.com/state/bill-tha...
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