Bill Text: NJ A4626 | 2024-2025 | Regular Session | Amended
Bill Title: Requires construction project applicants to disclose project financing.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-12-09 - Reported out of Asm. Comm. with Amendments, and Referred to Assembly Regulated Professions Committee [A4626 Detail]
Download: New_Jersey-2024-A4626-Amended.html
Sponsored by:
Assemblywoman ALIXON COLLAZOS-GILL
District 27 (Essex and Passaic)
Assemblywoman YVONNE LOPEZ
District 19 (Middlesex)
SYNOPSIS
Requires construction project applicants to disclose project financing.
CURRENT VERSION OF TEXT
As reported by the Assembly Housing Committee on December 9, 2024, with amendments.
An Act requiring disclosure of construction project financing and supplementing the "State Uniform Construction Code Act," P.L.1975, c.217 (C.52:27D-119 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. 1a. As used in this section:
"Dwelling unit" means an apartment unit, room, or rooms within a two-family building or multiple dwelling, that is occupied or intended to be occupied for sleeping or dwelling purposes by one or more persons living independently of persons living in similar living spaces.
"Single-family home" means a detached building, occupied, or intended to be occupied, exclusively as the residence of a single family. A "single-family home" shall include a single-detached dwelling that serves as a single-family residence, and a separate standalone, single-family residential building.
b. The requirements of this section shall not apply to:
(1) a single-family home;
(2) renovations or repairs, as those terms are defined pursuant to the State Uniform Construction Code promulgated pursuant to the "State Uniform Construction Code Act," P.L.1975, c.217 (C.52:27D-119 et seq.), for dwelling units; or
(3) alterations or reconstruction, as those terms are defined pursuant to the State Uniform Construction Code promulgated pursuant to the "State Uniform Construction Code Act," P.L.1975, c.217 (C.52:27D-119 et seq.), of:
(a) structures or buildings that are owned by a single family that are not multiple dwellings;
(b) structures or buildings with fewer than three dwelling units; or
(c) an individual dwelling unit.
c.1 An application for a construction permit, submitted pursuant to section 12 of P.L.1975, c.217 (C.52:27D-130), shall contain a general description of the proposed work, its location, the use and occupancy of all parts of the building or structure, and such additional information as may be required by the construction official.
1d.1 An application for a construction permit shall disclose information sufficient to identify the anticipated amounts and sources of funding of the proposed construction project consistent with rules and regulations adopted pursuant to this section. Prior to issuance of a certificate of occupancy pursuant to section 15 of P.L.1975, c.217 (C.52:27D-133), the enforcing agency shall require an applicant to either: certify that funding information submitted with the application for a construction permit is accurate; or disclose updated, accurate information identifying the amounts and sources of funding of the construction project.
1e.1 The Commissioner of Community Affairs, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), and within 180 days following the date of enactment of this 1[act] section1, shall adopt rules and regulations concerning an applicant's identification and disclosure of the funders, investors or financiers of a proposed construction project, in order to effectuate the provisions of this 1[act] section1.
2. This act shall take effect on the first day of the ninth month next following enactment.
