Transfer of Development Rights (TDR) is a municipal planning and preservation tool used to protect agricultural, historic or environmental resources while accommodating the needs of development.
TDR is a realty transfer mechanism permitting owners of preservation area land to separate the development rights of their property from the property itself and sell them for use elsewhere. Developers who purchase these “development credits” may then develop areas deemed appropriate for growth at densities higher than otherwise permitted. Once the development rights of a property are sold the land will permanently restricted from further development.
TDR is an equity protection mechanism that, unlike traditional zoning, enables preservation area landowners to be compensated for reductions in development potential. When well-designed, TDR can provide benefits to landowners, developers and municipalities
TDR Bank Board Meeting -- 10 a.m., September 19, 2011
New Jersey TDR Task Force
New Jersey Future has convened a strategic group of stakeholders – local and county officials, municipal planners and engineers, environmentalists, developers, smart growth advocates and representatives of the farming community – to work to develop statutory, regulatory, programmatic and policy recommendations to encourage the use of TDR at both the municipal level and regionally. Recommendations are expected by December 2010.
Salem County TDR Task Force
The Delaware Valley Regional Planning Commission has convened a group of local, regional and state stakeholders to examine the feasibility of establishing a regional TDR program in Salem County.