This bill amends Section 11 of P.L.1985, c.222 (C.52:27D-311) to introduce preservation bonus credits for municipalities that protect critical environmental and cultural resources, which can be applied against their affordable housing obligations. The new provisions allow municipalities to earn these credits based on criteria such as safeguarding critical headwaters, wildlife habitats, and historical resources. The Department of Community Affairs, in collaboration with the Department of Environmental Protection, will develop formulas to determine the amount of bonus credits awarded, emphasizing the importance of municipalities demonstrating their commitment to preserving these resources.

Furthermore, the bill establishes that municipalities can receive one credit for each unit of low- or moderate-income housing, with specific conditions for bonus credits. It also sets limitations on the use of age-restricted housing, stating that no more than 30 percent of affordable housing units can be age-restricted, and at least 50 percent must be available for families with children. Additionally, municipalities are not required to fund infrastructure improvements beyond what is outlined in their fair share plans, although they may opt to do so through development agreements. The preservation bonus credits will count against the existing 25 percent cap on bonus credits applicable to a municipality's affordable housing obligations.

Statutes affected:
Introduced: 52:27D-311