New Jersey Administrative Code
Title 7 - ENVIRONMENTAL PROTECTION
Chapter 50 - PINELANDS COMPREHENSIVE MANAGEMENT PLAN
Subchapter 5 - MINIMUM STANDARDS FOR LAND USES AND INTENSITIES
Part IV - PINELANDS DEVELOPMENT CREDIT PROGRAM
Section 7:50-5.44 - Limitations on use of Pinelands Development Credits
Current through Register Vol. 56, No. 18, September 16, 2024
(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 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.
