The bill proposes the repeal of the Statewide Non-Residential Development Fee Act and amends the "New Jersey Affordable Housing Trust Fund" legislation. It establishes that the fund will now include proceeds from non-residential development fees collected prior to the bill's enactment, ensuring these funds are accounted for separately and remain in the fund until appropriated for affordable housing purposes. The bill prioritizes grants or loans from the fund for municipalities with compliance certification for their housing elements and outlines various uses for the fund, such as rehabilitating housing units and creating accessory dwelling units for low- and moderate-income households.

Additionally, the bill mandates municipalities imposing development fees to provide detailed accounting of all fees collected and expended, with restrictions on spending these fees without prior approval from the Department of Community Affairs. It sets regulations for the administration and reporting of municipal affordable housing trust funds, requiring municipalities to commit to expending collected fees within four years. The bill aims to streamline funding for affordable housing initiatives while ensuring accountability and compliance with state housing laws. It also repeals related statutes referencing the now-repealed fee structure and is set to take effect immediately upon passage.

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