N.J. Admin. Code § 7:50-5.44

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:50-5.44 - Limitations on use of Pinelands Development Credits

(a) No Pinelands Development Credit may be conveyed, sold, encumbered or transferred unless the owner of the land from which the credit has been obtained has received a Pinelands Development Credit Certificate from the New Jersey Pinelands Development Credit Bank pursuant to N.J.A.C. 3:42-3, and has deed restricted the use of the land in perpetuity to those uses set forth in N.J.A.C. 7:50-5.47(b) by recorded deed restriction which is in favor of a public agency or not for profit incorporated organization and specifically and expressly enforceable by the Commission.

(b) Notwithstanding the provisions of (a) above, an owner of a parcel from which Pinelands Development Credits are sold may retain a right for residential development on that parcel, provided that the recorded deed restriction expressly provides for same and that the total allocation of Pinelands Development Credits for that parcel is reduced by .25 Pinelands Development Credits for each reserved right to build a dwelling unit. Subdivision of the parcel shall not be required until such time as the residential development right is exercised.

(c) The bonus density of a parcel of land on which Pinelands Development Credits are used shall not exceed the upper limits of the density range of the municipal zone or district in which the parcel is located.

N.J. Admin. Code § 7:50-5.44

Amended by R.1990 d.170, effective 3/19/1990.
See: 21 New Jersey Register 3381(a), 22 New Jersey Register 948(a).
In (b), added .25 PDC reduction for reserved rights.
Amended by R.1994 d.590, effective 12/5/1994.
See: 26 New Jersey Register 165(a), 26 New Jersey Register 4795(a).
Amended by R.1995 d.449, effective 8/21/1995.
See: 27 New Jersey Register 1557(a), 27 New Jersey Register 1927(a), 27 New Jersey Register 3158(a).
Substituted "parcel" for "property" throughout section.