n. In order to ensure the long-term economic viability of the City of Camden, it is critical that the Legislature encourage, to the extent possible, the production of market-rate housing within the city so as to expand the local tax base and provide a greater diversity of income levels among the city's inhabitants; 

59. (New section) a. For the purposes of subsection b. of this section, "residential property" shall include land, a dwelling house or a condominium unit under the form of real property ownership provided for under the "Condominium Act," P.L.1969, c.257 (C.46:8B-1 et seq.). 

SENATE, No. 428

STATE OF NEW JERSEY

210th LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2002 SESSION


Sponsored by: 
Senator WAYNE R. BRYANT 
District 5 (Camden and Gloucester) 
Senator MARTHA W. BARK 
District 8 (Burlington) 

Co-Sponsored by: 
Senator Kyrillos 




SYNOPSIS 
Designated the "Camden Rehabilitation and Economic Recovery Act;" authorizes issuance of bonds and makes appropriations. 

CURRENT VERSION OF TEXT 
Introduced Pending Technical Review by Legislative Counsel. 

(Sponsorship Updated As Of: 6/7/2002) 


An Act encouraging municipal rehabilitation and economic recovery in certain fiscally distressed municipalities, amending P.L.1974, c.80, P.L.1979, c.303 and P.L.1991, c.266, creating chapter 27BBB of Title 52 of the Revised Statutes, and making appropriations.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

ARTICLE 1. GENERAL PROVISIONS 
1. (New section) This act shall be known and may be cited as the "Camden Rehabilitation and Economic Recovery Act." 

b. A taxpayer who shall not previously have occupied property owned by the taxpayer as a principal residence and who, during the taxable year, purchases residential property within the City of Camden for the purpose of occupying the property as the taxpayer's principal residence shall be allowed in that taxable year, and for four taxable years thereafter, a credit not to exceed $5,000 against the tax otherwise due under N.J.S.54A:1-1 et seq. The credit shall be allowed beginning in any taxable year during the period of rehabilitation and economic recovery.
No taxpayer filing either a single or a joint return shall be eligible for a credit under this section: (1) if, in a prior taxable year, the taxpayer or the taxpayer's spouse, either singly or jointly with each other or with another, shall have owned and occupied as a principal residence any residential property; or (2) if the taxpayer or the taxpayer's spouse has received an annual stipend pursuant to section 18 of P.L. , c. (C. ) (pending before the Legislature as this bill).
In the case of a husband and wife who elect to file separate tax returns, each shall, unless otherwise ineligible, be entitled to one-half of the credit allowed. 
If a taxpayer who shall have been allowed a credit under the provisions of this section with respect to the purchase of residential property fails to occupy the property as the taxpayer's principal residence within one year after the date of the purchase, or terminates occupation of the property as the taxpayer's principal residence within 10 years after the date of the purchase or the date on which such occupation shall have commenced, whichever is later, the taxpayer shall be liable for tax in an amount equal to the credit previously so allowed. 
ARTICLE 7. MISCELLANEOUS
63. Section 2 of P.L.1991 , c.266 (C.40:14B-23.1) is amended to read as follows:
2. a. As used in this section: 
"Residential property" means any building or part of a building used, to be used or held for use as a home or residence, together with the land upon which it is situate. A residential property shall include single family dwellings, multifamily dwellings as defined under subsection (k) of section 3 of the "Hotel and Multiple Dwelling Law," P.L.1967, c.76 (C.55:13A-1 et seq.), and other rental unit property, and individual residences within a horizontal property regime as defined pursuant to the "Horizontal Property Act," P.L.1963, c.168 (C.46:8A-1 et seq.), or a condominium as defined pursuant to the "Condominium Act," P.L.1969, c.257 (C.46:8B-1 et seq.), units in a cooperative, and units in a mutual housing corporation;
"Cooperative" means a housing corporation or association which entitles the holder of a share or membership interest thereof to possess and occupy for dwelling purposes a house, apartment, manufactured or mobile home or other unit of housing owned or leased by the corporation or association, or to lease or purchase a unit of housing constructed or to be constructed by the corporation or association; 
"Mutual housing corporation" means a corporation not-for-profit, incorporated under the laws of this State on a mutual or cooperative basis within the scope of section 607 of the "National Defense Housing Act," Pub. L. 76-849, (42 U.S.C. s. 1521 et seq.), as amended, which acquired a National Defense Housing Project pursuant to that act;
"Qualified resident" means a person who owns, rents or occupies residential property; 
"Qualified entity" means a building or facility which is owned and used by: 
(1) a public or private school, university, college or seminary for either classroom space or administrative office space; 
(2) a church, synagogue or temple for holding religious services, or which is used to house church-, synagogue- or temple- related personnel; 
(3) a clinic or hospital, including a residential building which is used to house personnel who are employed by the clinic or hospital; 
(4) a nonprofit organization which operates under the provisions of Title 15A of the New Jersey Statutes, for the purposes for which the organization was created, or for administrative office space; or 
(5) a business which has less than 10 full-time employees. 
b. A city of the second class with a population of more than [ 80,000] 79,000 but less than 88,000 according to the latest federal decennial census, located in a county of the second class with a population of more than 455,000 but less than 510,000 according to the latest federal decennial census, and a county or municipal utilities authority whose operations plant is located within the city's boundaries may negotiate a host community benefit for qualified residents and qualified entities within the city. The benefit may be applied against the rate, fee or charge assessed pursuant to section 23 of P.L.1957, c.183 (C.40:14B-23) or the connection fee or tapping fee assessed pursuant to section 21 of P.L.1957, c.183 (C.40:14B-21), or both, at the discretion of the county or municipal utilities authority. The benefit shall be provided as a credit against the individual accounts of the qualified resident or entity, and the county or municipal utilities authority and the city shall negotiate the amount of the benefit. Upon agreement of the parties, the governing body of the city shall adopt an ordinance setting forth the specific requirements under the agreement. In cases in which a qualified resident is not billed directly for the county or municipal utilities authority's services, the city shall, as part of the ordinance setting forth the specific requirements of the agreement, establish procedures under which the owner of the appropriate property shall insure that the qualified resident is compensated for the amount of the credit. 
(cf: P.L.1991, c.266, s.2) 

64. (New section) As used in sections 65 through 69 of P.L. , c. (C. ) (pending before the Legislature as this bill):
"Property" means parcels of land and their improvements on which the municipality holds a tax lien, or which were acquired by the municipality through the property tax foreclosure process, and including such parcels that the municipality possesses and for which it acts as a receiver pursuant to section 1 of P.L.1942, c.54 (C.54:5-53.1).
"Qualified municipality" means a municipality that is qualified to receive assistance under P.L.1978, c.14 (C.52:27D-178 et seq.), a municipality under the supervision of the Local Finance Board pursuant to the provisions of the "Local Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.), a municipality that has issued qualified bonds pursuant to the provisions of the "Municipal Qualified Bond Act," P.L.1976, c.38 (C.40A:3-1 et seq.) or a municipality identified by the director to be facing serious fiscal distress.