WeVote
Log In

Bill

Bill

S 1304

Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose.

2026-2027 Regular Session Introduced by Joe Pennacchio

New Jersey dedicates up to $5 million annually from property transfer taxes to subsidize residential home elevations for flood risk reduction.

Introduced in the Senate, Referred to Senate Environment and Energy Committee
0
WeVote Research Nonpartisan
Bill Summary · S 1304

Legislative bill overview

S 1304 creates a dedicated home elevation fund in New Jersey that would allocate up to $5 million annually from realty transfer fee revenue to help homeowners elevate their properties. This addresses flood risk mitigation by providing financial support for structural modifications that raise homes above flood-prone levels.

Why is this important

Flooding costs New Jersey billions in damages annually, and climate change is increasing flood frequency and severity. Home elevation is a proven adaptation strategy that reduces insurance costs and property damage, but it's expensive (typically $100,000-$500,000+ per home), making this subsidy potentially transformative for vulnerable homeowners who lack resources for protective measures.

Potential points of contention

  • Realty transfer fee impact: Dedicating transfer tax revenue may reduce funding for other state programs or infrastructure; some argue this should come from general appropriations instead
  • Equity and targeting: The bill doesn't specify eligibility criteria—questions arise about whether funding prioritizes low-income communities most affected by flooding, or benefits middle-class homeowners more broadly
  • Insufficient funding: $5 million annually serves only a handful of homes given elevation costs; critics may question whether this token investment is meaningful or creates false hope for broader relief

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.