TRENTON – In an effort to address the housing crisis that is impacting New Jersey, the Senate Community and Urban Affairs Committee, led by Chairman Senator Troy Singleton (D-Burlington), today advanced a legislative package that addresses housing affordability and corporate ownership, secures access to veterans housing, encourages shared services, and provides property tax relief for New Jersey residents.

Senate President Scutari said that it is no coincidence that the committee’s first meeting of the new session focused heavily on bills that underscore the need to address rising housing costs across the state.

“At a time when families across New Jersey are struggling to keep up with rising housing costs, it was essential that the Senate begin this new session by taking meaningful action on affordability,” said Senate President Nick Scutari. “These bills reflects a comprehensive approach, expanding access to homeownership, protecting communities from unchecked corporate ownership, supporting our veterans, and providing real property tax relief. Addressing the housing crisis requires urgency and balance, and today’s committee action is an important step toward making New Jersey a more affordable place to live.”

“New Jersey residents are feeling squeezed from every direction when it comes to housing costs,” said Committee Chair Senator Troy Singleton (D-Burlington). “We’re making it clear that affordability, access to homeownership, and property tax relief are deeply connected issues that require comprehensive solutions. Whether you’re a first-time buyer trying to break into the market or an existing homeowner struggling under the weight of property taxes, these bills are intended to make living in New Jersey more affordable.”

The measures heard by the Committee today included those that increase access to homeownership, place limits on institutional investors, and provide property tax relief and improved government efficiency. They are:

IMPROVING ACCESS TO HOUSING AND HOMEOWNERSHIP:

• S-1756, sponsored by Senators Singleton and Gopal, establishes the New Jersey First-Time Home Buyer Savings Account Program
• S-1838, sponsored by Senators Singleton and McKnight, establishes the Bringing Veterans Home Initiative

LIMITS ON INSTITUTIONAL INVESTORS:

• S-399 sponsored by Senator Stack, requires limited liability companies to disclose ownership information when submitting deeds for recording
• S-3097, sponsored by Senators Wimberly and McKnight, the “Protection of Homeownership and Limiting Institutional Investor Acquisition Act,” places limits on institutional investors purchasing single-family homes; and

PROPERTY TAXES/ GREATER EFFICIENCY:

• S-1807 sponsored by Senators Singleton and Wimberly, requires municipalities to share certain payments instead of property taxes with school districts and provide greater transparency around property tax exemptions and abatements.
• S-1833 sponsored by Senator Singleton, eliminates the Energy Tax Receipts Relief Aid and Consolidated Municipal Property Tax Relief Aid and establishes Municipal Property Tax Relief Fund (bill was discussion only)
• S-1944, sponsored by Senators Schepisi and Singleton, authorizes the establishment of regional economic development partnerships.
• S2289, sponsored by Senator McKeon, encourages sharing of services

“I often say that housing is the foundation of opportunity. Today’s agenda is reflective of our continued effort to making housing more affordable and accessible in New Jersey,” said Singleton. “Together, these proposals work to reduce barriers to homeownership and to veterans housing, promote fairness and transparency in the housing market, and ensure that government works efficiently. Our work will continue in the months ahead as we seek to address the high costs of rent, increasing housing inventory, and modernizing zoning laws.”

Singleton noted that upcoming Senate Community and Urban Affairs Committee meetings will focus on rent affordability, incentivizing development and inventory, and zoning reforms, including aspects of his HOME Initiative laid out last fall.

Original Article