Wednesday, May 27, 2009

A TDR plan for NJ Highlands property owners

Property owners and developers have
an opportunity to weigh in on the New Jersey Highlands Council's plans for a transfer of development rights (TDR) program based on one operating in the state's Pinelands region.

The Highlands Council is soliciting (until June 26, 2009) informal public comment on draft procedures for the operation of its Highlands Development Credit (HDC) Bank.

The bank will be the official entity that oversees transactions involving the transfer of development rights.

What are they?

In simplified terms, these rights or "credits" are granted to property owners whose land values have been impaired by the Highlands Act's development restrictions. Landowners can sell the credits through the bank to developers who will use them to increase the density of projects they build in permitted areas.

The Highlands Council has provided a two-page cover letter summarizing the bank's operating procedures.

Or, you can read a copy of its 21-page Highlands Development Credit Bank Operating Procedures.

To learn more about the Pinelands Development Credit Bank, which is the model for the Highlands program, check out their 2008 Annual Report

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