The bill amends Section 11 of P.L.1985, c.222 (C.52:27D-311) to establish a preservation bonus credit system for municipalities that protect critical environmental and cultural resources. Under this new provision, municipalities can earn preservation bonus credits against their affordable housing obligations by implementing regulations that safeguard resources such as water sources, wildlife habitats, and historical sites. The Department of Community Affairs (DCA), in collaboration with the Department of Environmental Protection (DEP), will develop specific formulas to determine the credits based on factors like ecological importance and societal value. Municipalities can receive one credit for each unit of low- or moderate-income housing, with additional conditions for bonus credits.

Furthermore, the bill sets limitations on how municipalities can meet their affordable housing obligations, specifying that no more than 30 percent of the units can be age-restricted and at least 50 percent must be available for families with children. It also clarifies that municipalities are not obligated to fund infrastructure improvements for affordable housing projects beyond what is outlined in their fair share plans, although they may opt to do so through development agreements. The preservation bonus credits will be counted against the existing 25 percent cap on the use of bonus credits for affordable housing obligations, thereby enhancing municipalities' ability to meet their housing needs while promoting environmental preservation.

Statutes affected:
Introduced: 52:27D-311