The bill amends Section 35 of P.L.2008, c.46 (C.40:55D-8.4) to clarify the imposition of fees on non-residential development construction. It establishes a fee of two and one-half percent based on the equalized assessed value of land and improvements for new non-residential construction or additions to existing structures. The bill outlines various exemptions from this fee, including properties used by houses of worship and educational institutions, parking lots, public amenities, and certain projects within designated urban transit hubs. Additionally, it specifies that developers who initially qualify for exemptions may later be subject to the fee if their exemption status changes.

The bill also mandates that municipalities provide detailed accounting of collected and expended non-residential development fees to the Department of Community Affairs, with specific deadlines for reporting. It emphasizes compliance with the "Fair Housing Act" and outlines penalties for municipalities that fail to adhere to the established requirements. Furthermore, it ensures that a portion of the fees collected is allocated to the "Urban Housing Assistance Fund" and the "New Jersey Affordable Housing Trust Fund." The act takes effect immediately and applies retroactively to validate prior municipal accounting provided to the Department.

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