On March 2, 2009 I wrote a blog discussing the Senate Economic Growth Committee’s approval of a bill for conversion of Age-Restricted Communities. As expected over the past several weeks, Governor Corzine conditionally vetoed the bill providing for conversion of age-restricted residential properties (commonly referred to as the 55+ bill). The conditional veto would adopt the bill upon 2 conditions:

1) Amend the bill to require a firm 20% set-aside for affordable housing (COAH or Mt. Laurel Housing) as opposed to the 20% being a cap on the amount of affordable housing; and

2) Granting municipal boards discretion to decline a conversion if they are not satisfied that the conversion will not cause substantial detriment to the public good and will not substantially impair the intent and purpose of the zone plan and zone ordinance. 

The bill now requires the legislature to amend the bill in accordance with the foregoing requirements.  A copy of the Governor’s Conditional Veto is available online here.