Legislative Report February 2009
2/18/2009
MACCNJ Policy and Positions
Economic Stimulus Bills
Federal Stimulus Bill
In New Jersey, there has been legislative activity to address the slumping economy through attempts at pro-economic development bills. They include:
COAH Clean-Up Bill, S-2485 (Lesniak, Bateman)
The bill has been referred to the Senate Budget and Appropriations Committee to consider the $15 million appropriation for affordable housing funding. The revenue lost by not collecting the 2.5 percent fee on non-residential development would be replaced by a $15 million appropriation from the Long-Term Obligation and Capital Expenditure Fund, federal stimulus money and under-utilized state property that would be made available, where appropriate, for affordable housing development.Projects with preliminary and or final site plan approval will be exempt from the fee during this period. Additionally, and most importantly, the bill includes a suspension of the actual need obligation generated by new nonresidential development during this period. The Senate Economic Growth Committee this month considered S-2485 to further modify the affordable housing program. The MAC has monitored efforts by Senator Lesniak, the Governor’s Office and Speaker’s Office to draft amendments that would establish a moratorium on the imposition of the 2.5% fee on non-residential development retroactively from enactment date of A-500, July 17, 2008 through to June 30, 2010. The extension to June 30 was suggested by Senator Joe Kyrillos and approved by the committee.
In speaking to Legislative leadership, it seems at this point, for projects to receive funding, they must be 1) "shovel ready", and 2) create jobs. It will be imperative that any construction projects in your jurisdiction be identified immediately, so we may present them to both Congressional and state legislative representatives to try and secure an earmark. How and when these funds trickle down to permeate and improve the economy through job support and growth is the great question. The $787 billion economic stimulus bill is scheduled to be signed by President Obama today. New Jersey estimates its share of the allocation to be upwards of $3 billion. There are a wide variety of issue areas earmarked for funding, including funding to shore up the State Unemployment Insurance Fund, infrastructure projects, and health care reform initiatives
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