20B — January 30 - February 12, 2015 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
New Jersey Apartment Association www.njaa.com
The Christie administration unveiled its much anticipated plans for the disbursement of the final tranche of federal disaster recovery funds to assist the State of New Jersey in its post-Sandy recovery efforts. The proposal would allocate $501.9 million in Community Development Block Grant Disaster Recovery (CDBG- DR) funds, with almost all of this allocation going to unmet needs in the housing space. Notably, the action plan allocates $215 million toward the successful Fund for the Restoration of Multifamily Housing (FRM), which enables the construction of affordable rental housing in large multifamily buildings. The RREM pro- gram, which assists homeowners who suffered damage and need to repair, replace, or elevate their homes, is being allocated $225 million, and is targeted at homeowners deemed eligible for assistance but currently on the waiting list. A public comment period will run through January 15, 2015 and several public hearings will be held. IN CASE YOU MISSED IT: Assembly and Senate Hold Final Voting Sessions in 2014: • NJAA Supported the Permit Extension Act (A-3815). The bill received final legislative approval and is currently on the Governor’s desk. • NJAA Opposed a measure to change the formula for attorney’s fees in workers’ compensation cases (A-3403). This bill was removed from the Board List. As such, there was no vote. • NJAA Opposed a measure (A-864) requiring emergency generators in certain new multifamily buildings. The bill passed the General Assembly by a vote of 47-20-6, but was amended to no longer require generators to provide power to every unit, but rather, to common areas. This change was made in response to the concerns we raised with the Assembly sponsors. We will continue to oppose the bill and work with the sponsors in the Senate. • NJAA joins coalition opposing Mandated Sick Leave (A-2354). Learn more at: keepNJcompetitive.org.
Made with FlippingBook HTML5