This last year was one of financial adversity for many and major budgetary constraints for all. The Pinelands Development Credit Bank was not immune to the sting of these hard times. The Pinelands Development Credit Program is “market driven” and affected by trends in the real estate, housing, and financial markets. The decline in activity and in the sales value of the PDCs reflects current market conditions. The total sum of all PDC sales for fiscal year 2009 was slightly more than one-fifth of the corresponding sales two years before. Yet, although reduced in numbers, both PDC sales and residential construction with the use of PDCs, continue to provide affordable quality housing in the Pinelands growth areas.
The PDC 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 PDCs between six counties and thirty-three municipalities (ten with both sending and receiving areas). As the processing agency for this program, the Pinelands Development Credit Bank continues to play a key role in helping to protect our environmentally sensitive lands and at the same time, 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 PDCs to increase building densities in the designated regional growth areas, thus efficiently using land and preventing sprawl.
As a result of the PDC program, more than 51,000 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 explore the many informative and useful pages of this web site. Here you will find a wealth of information about the Pinelands area of New Jersey and the Pinelands Development Credit Program, plus interactive forms and detailed instructions for submitting applications. Our knowledgeable staff will gladly answer your questions and provide any additional information you may need. |
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Heritage Point at Barnegat, a planned development utilizing PDCs. (Site Plan courtesy of the Mignatti Companies.) |
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