Page 21 - RE-NJ

or retail properties. In those cases,
municipalities can count one unit of
affordable housing as a unit and a
half in their unmet need, though the
bonus credit is capped at 25 percent
of their obligation.
MORE COMPLIANCE AND
COORDINATION NEEDED
Redevelopment is poised to continue
across the state, panelists said,
despite potential multifamily fatigue.
The state’s housing shortage and the
ongoing legal mandates continue to
push municipalities and developers
toward seeking solutions. And, since
there are millions of square feet of
unused offi ce space, the experts
believe the process is going to
continue to evolve.
Following the 2024 law, state
offi cials called for nearly 85,000
more affordable housing units by
2035, with at least half for low-
income families, to meet the fourth-
round obligations under the Mount
Laurel case. The panel experts
overall agreed that towns need to
meet their mandates.
“We need compliance,” Inglesino
said. “And I think that when you
look out there along the landscape,
I think you’re going to see a lot of
settlements out there for towns
that are still going to have a big
unmet need, and we really, as a
community, can’t let that happen.
It’s not good for the market. There’s
a lot of people out there that need
affordable housing, and there’s a lot
of other people that need housing.”
Legislative incentives have helped,
according to Santola. However, KSS’
Chmura sees many towns in need
of full infrastructure upgrades for
redevelopment to occur at a faster,
smoother pace.
The panelists agreed that more
coordination and communication
between state and local agencies
also would allow the redevelopment
process to advance more effi ciently
and consistently throughout the
state.
“(This) is not going to have such a
clean beginning and end,” Inglesino
said. “This is going to continue in
ways that, at the moment, we can’t
really envision.” RE
Rosa Cirianni is a contributor to
Real Estate NJ.
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