The Pinelands Development Credit Program is one of the oldest and most successful “TDR” (Transferable Development Rights) programs in the world. It is also perhaps the most ambitious TDR program in the United States, spreading over one million acres of land (20% of New Jersey) and allowing transfers of Pinelands Development Credits between 6 counties and 33 municipalities (10 with both sending and receiving areas). As the processing center for this program, the Pinelands Development Credit Bank plays a key role in helping to protect our environmentally sensitive lands while working with property owners to promote desirable economic development. Since it began in 1985, this agency has assisted Pinelands property owners who wish to harvest (or “sever”) the credits for their land and preserve it in perpetuity. Also, developers use Pinelands Development Credits (PDCs) to increase building densities in the designated regional growth areas, thus efficiently using land and preventing sprawl.
The PDC Program is “market driven” and inextricably linked to real estate, housing, and economic market’s trends. Thus, it has seen an inevitable decline in activity and in the sales value of the PDCs, especially during the 2007-2008 fiscal years. The number of applications redeeming (using) PDCs for new detached homes or density bonus credits during that period was slightly better than half the average number for the preceding two-year period. Even during times of reduced market activity, residential construction with the use of PDCs continues to provide affordable quality housing in the Pinelands growth areas.
As a result of the PDC program, more than 50,500 acres of environmentally sensitive forest and farmland in the Pinelands are now permanently protected. I am pleased that the Pinelands Development Credit Bank plays a pivotal role in this truly innovative, world class program.
Please call the PDC Bank at (609) 984-0569 for more information. |
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Heritage Point at Barnegat, a planned development utilizing PDCs. (Site Plan courtesy of the Mignatti Companies.) |
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