Legislation sponsored by Senator Steve Oroho (R-Sussex, Warren, Morris) to support age-restriction housing projects by extending their eligibility for tax exemptions was passed by the New Jersey Senate.
Sen. Steve Oroho’s bill to support age-restricted communities was passed by the New Jersey Senate. (SenateNJ.com)
“By cutting off aid as soon as a facility pays off their mortgage, we’re not giving them any real incentive to pay off their debt ahead of time,” Senator Oroho said. “By extending their eligibility, they will have a chance to use money that would otherwise go towards paying taxes for expenses that are crucial to their continued operation.”
The legislation, S-2579, allows certain age-restricted housing projects to continue to receive a long-term tax exemption beyond the date on which the first mortgage financing is fully paid. The extension works as an incentive for early debt repayment and also allows project owners to pay maintenance costs and other important upkeep.
Oroho helped draft the legislation in order to address a situation at Knoll Heights Village, an age-restricted community in Sparta, as well as other projects across the state.
“Without this legislation, Knoll Heights could be forced to close their doors, which would be very bad for the senior and disabled residents who live there,” Senator Oroho said. “Communities like Knoll Heights have important roles in towns throughout New Jersey, and it would be a disaster if they closed. This bill will help them control costs while still providing residents with the quality of life they deserve.”
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