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Senate Bill 2577 - Opening Up Of Age-restricted Housing

There has been some recent concern about Senate Bill No. 2577 that is apparently being prepared for Governor Corzine's desk for adoption as it relates to age-restricted communities.

The bill would allow developers to make an application permitting a change from an age-restricted development to a non-restricted development. What appears to be causing a lot of concern is the reliance upon the buzz word of 'age-restricted' to 'non-restricted' without delving into the bill itself.

One of the major requirements for an age-restricted development to be converted to a non-restricted development is that the developer of the age-restricted development cannot be holding any deposits for, or has not conveyed any units within, a particular development. Therefore, any development that is already under construction, or houses have closed, or even if a development has yet to close its first home, but a deposit has been conveyed by a purchaser to the developer, that particular development cannot be converted from age-restricted to non-restricted.

You may access a copy of Senate Bill No. 2577 here.

Full post as published by New Jersey Law Blog on April 08, 2009 (boomark / email).