The bill seeks to repeal the Statewide Non-Residential Development Fee Act and amend the existing legislation concerning the "New Jersey Affordable Housing Trust Fund." It stipulates that the fund will now incorporate proceeds from non-residential development fees collected prior to the bill's enactment. Additionally, all references to the "Neighborhood Preservation Nonlapsing Revolving Fund" will be updated to refer to the "New Jersey Affordable Housing Trust Fund." The bill also allows for the allocation of up to 7.5 percent of the fund's available resources for administrative costs associated with the Fair Housing Act and other housing administration expenses.

Moreover, the bill introduces new requirements for municipalities regarding the management of development fees, mandating detailed accounting and prior approval from the Department of Community Affairs before any expenditure of affordable housing development fees. It emphasizes the necessity for municipalities to include a spending plan in their housing element and fair share plan, and establishes a timeline for the expenditure of collected fees, ensuring that any unspent balances are transferred to the "New Jersey Affordable Housing Trust Fund" after four years. The bill also repeals several related statutes and provisions that previously governed the fee structure, with the changes taking effect immediately upon passage.

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