Permit Extension Act

The Permit Extension Act of 2008 has been extended for the  year 2015. The bill passed the Assembly Committee and Senate Committee in December 2014.  This allows building permits previously taken out to remain valid for another year, if building has not begun, or is yet to be completed.   The Act expires December 31, 2015. This is a relief for many developers.  The Act has been  extended in an effort to support the recovering real estate market, continued growth and development.  Hopefully, the lending institutions will make financing projects easier on stalled projects, or projects yet to be started.  Lending is the key.