By now, you have likely heard that on March 10, the New Jersey Supreme Court took drastic action in returning enforcement of Mount Laurel and Council on Affordable Housing (COAH) matters to the courts based on COAH's failure to promulgate new third-round regulations as required by the Supreme Court's order last year. Below is an outline of and commentary on the new procedure established by the Supreme Court for the lower courts to handle municipal compliance with affordable housing obligations.
As a developer or investor in a project, what does that mean for you? Several months ago while the COAH litigation was pending and proposed regulations were being discussed, we sent an alert to developers and clients advising that then was the time to start strategizing on how to be best positioned when the dust starts to settle on the COAH litigation. As a result, some clients are in the ideal position of having rezoning requests pending at this very moment for projects that provide affordable housing, and it will now be hard for a town to turn the project down in light of the procedure and timing outlined by the Supreme Court in its March 10 decision.
There is still an opportunity for developers and investors to act now for both short- and long-term strategies for potential projects. The strategies and goals will be dependent on several factors including the type of development, which town the development would be located in and, obviously, risk tolerance.
Summary and Comments on Supreme Court Procedure for Affordable Housing Compliance
Should you have any questions on what this all means for you as a developer or investor and/or need assistance developing a strategy on how best to approach your particular situation, please feel free to contact Craig Gianetti.
On April 28, Kate Coffey and Chris Stracco will be speaking at a live webinar on the topic of "Recent Trends in Electronic Billboards and Signs," sponsored by Lorman Education Services.
Day Pitney was pleased to be a Premier Sponsor of the Seventh Annual New England Women in Energy and the Environment (NEWIEE) Gala, which took place on April 6, at the Boston Park Plaza.
Craig Gianetti was a featured speaker in a presentation, "NJICLE 2017 Land Use Update," during a meeting March 29 at the New Jersey Law Center in New Brunswick, NJ.
On March 15, Day Pitney hosted its annual Palm Beach Family Office Conference.
Patrick McCarthy and Christopher Stracco spoke about Project Labor Agreements on Friday, February 10, at the New Jersey Institute of Continuing Legal Education's Annual 2017 Redevelopment Law Institute at the Renaissance Woodbridge Hotel in Iselin, New Jersey.
Real estate partner Craig Gianetti was quoted in an article titled "Affordable Housing Developers Anxious amid Tax Uncertainty" (subscription required) that was published by Law360.
Michael P. Byrne was mentioned in an article, "Day Pitney, Greenberg Traurig Steer $130M NYC Loan," in Law360.
Day Pitney Press Release
Tom Malman was quoted in an article, "Challenges When Repurposing Office Campuses," in Law360. In the article, Malman discusses the challenges developers face when they try to convert large office campuses properties to other uses.
Day Pitney Press Release