Vote Smart's Synopsis:

Vote to pass a bill that exempt certain projects for affordable housing from certain property taxes in the state of New Jersey.

Highlights:

• Authorizes certain projects supported by the state or municipal housing trust fund to be exempt from property taxes and shall instead contribute to municipal services by making payments in lieu of taxation (Sec. 1).

• Specifies that the provisions of this bill shall become effective immediately upon passage and approval by the governor (Sec. 3).

Full Bill Text