The bill amends Section 11 of P.L.1985, c.222 (C.52:27D-311) to establish a preservation bonus credit system for municipalities, allowing them to offset their affordable housing obligations by protecting critical environmental and cultural resources. Municipalities can earn these credits based on formulas developed by the Department of Community Affairs (DCA) in consultation with the Department of Environmental Protection (DEP), which will take into account factors such as the preservation of headwaters, wildlife habitats, and community engagement. To qualify for these credits, municipalities must enact and enforce regulations aimed at safeguarding these resources.

Furthermore, the bill specifies that municipalities can receive one credit for each unit of low- or moderate-income housing, with certain conditions for bonus credits. It limits the use of age-restricted housing to no more than 30 percent of their affordable housing units and mandates that at least 50 percent of the units be available for families with children. Additionally, 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 also count against the existing 25 percent cap on the use of bonus credits for affordable housing obligations.

Statutes affected:
Introduced: 52:27D-311