The bill amends Section 35 of P.L.2008, c.46 (C.40:55D-8.4) to impose a non-residential development fee on all construction resulting in non-residential development, set at two and one-half percent of the equalized assessed value for new constructions or additions. It outlines various exemptions from this fee, including properties used by religious organizations and educational institutions, parking lots, public amenities, and certain projects within designated urban transit hubs. Additionally, it establishes conditions under which developers must remit fees if their exempt status changes and mandates municipalities to provide detailed accounting of collected fees to the Department of Community Affairs.

The bill also stipulates that municipalities must comply with specific regulations regarding the collection and expenditure of these fees, with penalties for non-compliance potentially resulting in forfeiture of funds. The Treasurer is tasked with allocating a portion of the collected fees to the "Urban Housing Assistance Fund" and any excess to the "New Jersey Affordable Housing Trust Fund." The act takes effect immediately and retroactively validates detailed accounting provisions provided by municipalities within a specified timeframe following the enactment of the bill.

Statutes affected:
Introduced: 40:55D-8.4
Advance Law: 40:55D-8.4
Pamphlet Law: 40:55D-8.4