Tuesday, November 25, 2014

Will New Jersey extend the Permit Extension Act again?

In the Gibbons law firm's Real Property & Environmental Law Alert, attorney
Howard D. Geneslaw  writes:

New Jersey’s Permit Extension Act (“PEA”) was initially enacted in 2008 — in response to “the crisis in the real estate finance sector of the economy” — for the purpose of tolling, through the end of 2012, expiration of various approvals necessary for development. It was later extended, in 2012, due to the then “current national recession,” to extend the tolling of the expiration of those approvals until December 31, 2014. Unless the Legislature approves a further extension, the PEA will sunset at the end of this year, and that could pose a problem for projects which have not yet started construction, because their approvals may expire.
Neither of the two bills that would extend the Act--A-3815 and S-2551--have made it out of committee so far. Look for the building community to push hard for passage in December. Environmental groups will oppose.

See the full post here 

Subscribe here to view all our YouTube videos

Repost this article