The bill proposes the repeal of the Statewide Non-Residential Development Fee Act and amends the existing legislation concerning the "New Jersey Affordable Housing Trust Fund." It establishes that the fund will now include proceeds from non-residential development fees collected prior to the bill's enactment. Additionally, all references to the "Neighborhood Preservation Nonlapsing Revolving Fund" will now refer to the "New Jersey Affordable Housing Trust Fund." The bill allows for the allocation of up to 7.5 percent of the fund's available resources for administrative costs related to the Fair Housing Act and requires municipalities to provide detailed accounting of development fees collected and expended.

Moreover, the bill outlines specific conditions for municipalities regarding the expenditure of development fees, emphasizing that no funds can be spent without prior approval as part of compliance certification. It introduces new reporting requirements for municipalities concerning their affordable housing trust fund expenditures and establishes a timeline for the commitment of collected fees. The bill aims to ensure effective use of funds to address low- and moderate-income housing needs while enhancing oversight and accountability in managing these resources. It also repeals several related statutes and provisions that previously exempted certain collections by the State Treasurer from being retained by municipalities, with the changes taking effect immediately upon passage.

Statutes affected:
Introduced: 52:27D-320, 52:27D-329.2