Bill Text: NJ A2230 | 2010-2011 | Regular Session | Introduced
Bill Title: Provides for voluntary contributions to the "Homelessness Prevention Program" through real estate sales.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-02-11 - Introduced, Referred to Assembly Housing and Local Government Committee [A2230 Detail]
Download: New_Jersey-2010-A2230-Introduced.html
Sponsored by:
Assemblyman JOHN F. MCKEON
District 27 (Essex)
Co-Sponsored by:
Assemblywoman Vainieri Huttle
SYNOPSIS
Provides for voluntary contributions to the "Homelessness Prevention Program" through real estate sales.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning homelessness prevention and amending P.L.1968, c.49.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 3 of P.L.1968, c.49 (C.46:15-7) is amended to read as follows:
3. a. In addition to the recording fees imposed by section 2 of P.L.1965, c.123 (C.22A:4-4.1), a grantor shall pay to the county recording officer at the time the deed is offered for recording the following fees:
(1) A basic fee, which basic fee shall consist of (a) a State portion at the rate of $1.25 for each $500.00 of consideration or fractional part thereof recited in the deed, and (b) a county portion at the rate of $0.50 for each $500.00 of consideration or fractional part thereof so recited; provided however, that on and after the tenth day following a certification by the Director of the Division of Budget and Accounting in the Department of the Treasury pursuant to subsection b. of section 2 of P.L.1992, c.148 (C.46:15-10.2) or subsubparagraph (ii) of subparagraph (b) of paragraph (2) of subsection b. of section 1 of P.L.1992, c.148 (C.13:19-16.1) as amended, the State portion of the basic fee shall not be imposed;
(2) An additional fee at the rate of $0.75 for each $500.00 of consideration or fractional part thereof recited in the deed in excess of $150,000.00; provided however, that on and after the tenth day following a certification by the Director of the Division of Budget and Accounting in the Department of the Treasury pursuant to subsection b. of section 2 of P.L.1992, c.148 (C.46:15-10.2) or subsubparagraph (ii) of subparagraph (b) of paragraph (2) of subsection b. of section 1 of P.L.1992, c.148 (C.13:19-16.1) as amended, the additional fee shall not be imposed; and
(3) A general purpose fee at the rate of:
(a) $0.90 for each $500.00 of consideration or fractional part thereof recited in the deed that is not in excess of $550,000.00, except that in the case of a conveyance or transfer of property for which the total consideration recited in the deed does not exceed $350,000.00, no general purpose fee shall be imposed;
(b) $1.40 for each $500.00 of consideration or fractional part thereof in excess of $550,000.00 but not in excess of $850,000.00 recited in the deed;
(c) $1.90 for each $500.00 of consideration or fractional part thereof in excess of $850,000.00 but not in excess of $1,000,000.00 recited in the deed; and
(d) $2.15 for each $500.00 of consideration or fractional part thereof in excess of $1,000,000.00 recited in the deed.
b. A deed subject to any of the fees established by this section, which is in fact recorded, shall be deemed to have been entitled to recording, notwithstanding that the amount of the consideration shall have been incorrectly stated or that the correct amount of such fee shall not have been paid. No such defect shall in any way affect or impair the validity of the title conveyed or render the same unmarketable; but the person or persons required to pay said additional fee at the time of recording shall be and remain liable to the county recording officer for the payment of the proper amount thereof. Every transfer subject to the additional fee required by this section may also be subject to an additional voluntary contribution, payable at the option of the transferor of the real estate, to be collected at the time of collection of the additional fees required pursuant to this section. The additional contributions shall be permitted in $10 increments, and shall be accounted for by the county recording officer and transmitted to the State Treasurer for use by the "Homelessness Prevention Program" in the Department of Community Affairs. The Treasurer shall promulgate the rules and regulations necessary, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate the provisions of P.L. , c. (C. )(now before the Legislature as this bill).
(cf: 2008, c.31, s.2)
2. This act shall take effect immediately.
STATEMENT
This bill provides for a voluntary contribution method to increase the funding for the "Homelessness Prevention Program" in the Department of Community Affairs. This program provides rental assistance payments to assist renters in paying their rent and avoid being evicted from their apartments. The bill would allow persons paying the additional fees under the realty transfer tax to make an additional voluntary contribution, payable at the option of the transferor of the real estate, to be collected at the time of collection of the realty transfer fees. The additional contributions will be permitted in $10 increments, and will be accounted for by the county recording officer and transmitted to the State Treasurer for use by the "Homelessness Prevention Program" in the Department of Community Affairs. Although this program receives some funding under the State budget, there is a need to increase its funding due to cutbacks in the federal section 8 program, and due to the limited resources that the State has at this time to allocate to this program. In addition, rising rental costs have greatly out paced the rise in income levels for many renters.
