Moratorium on Council on Affordable Housing (COAH) fee extended to 2013
In an effort to stimulate the construction and real estate development industries in New Jersey, on August 24th Lt. Gov. Kim Guadagno signed into the law a bill extending a moratorium on a fee designed to fund affordable housing.
The 2.5 percent fee, which is applicable to nonresidential projects, is now being delayed until July 1, 2013. The moratorium on the fee originally was instituted in 2009, but ended July 1 of last year. Developers who paid the fee from 2010 until now will have the ability to "clawback" any funds not spent.