In a statement last week, Moody's Investor Service revised New Jersey's economic outlook from stable to positive. According to Moody, the state is in a better-than-expected financial position following the COVID-19 pandemic.
The state's rating was upgraded to positive following actions and plans set in place with the Fiscal Year 2022 budget, which went into effect July 1. These include bonds issued from the Garden State Preservation Trust, the state's appropriation debt, the County College Enhancement Program Chapter 12, the NJ Transportations Trust Funds Authority's Federal Highway Reimbursement Revenue Notes, and more.
On Friday, June 18, 2021 Governor Murphy signed into law the “Fair Chance in Housing Act.”
On Friday, June 18, 2021 Governor Murphy signed into law the “Fair Chance in Housing Act.”
The U.S. Department of Housing and Urban Development does not prohibit the use of criminal history-based policies. However, S250/A1919, which is known as the “Fair Chance in Housing Act,” was signed into law by the Governor of New Jersey. Under this law, with certain exceptions, a landlord and its agent in New Jersey are prohibited from requiring a potential tenant to complete any housing application that includes any inquiries regarding the tenant’s criminal record prior to there being a “conditional offer,” which is defined as “ an offer to rent or lease a rental dwelling unit to an applicant that is contingent on a subsequent inquiry into the applicant’s criminal record, or any other eligibility criteria that the housing provider may lawfully utilize.” This law goes into effect seven (7) months from when it was signed
FY 2022 State Budget
Gov. Murphy signed the Fiscal Year 2022 state budget, totaling $46.3 billion, into law on Tuesday. For the 15th year in a row, the state budget contains no direct tax or fee increases on real estate, such as a realty transfer fee increase, seasonal rental tax or tax on commissions.
The budget also contains funds New Jersey Realtors® advocated for including over $1 billion for property tax relief, $10 million for homebuyer assistance programs, and $10 million for lead hazard remediation funding. The new fiscal year begins on July 1 and runs through June 30, 2022.