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.
