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 commit to protecting critical environmental and community resources. These resources include headwaters, water resources, wildlife habitats, and historical sites, among others. Municipalities can earn bonus credits against their affordable housing obligations by enacting regulations and enforcement mechanisms to safeguard these resources, with the Department of Community Affairs (DCA) and the Department of Environmental Protection (DEP) responsible for designating the specific resources and developing the formulas for credit allocation.

Furthermore, the bill sets conditions for municipalities regarding their affordable housing obligations, specifying that no more than 30 percent of these units can be age-restricted and that at least 50 percent must be available for families with children. It 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. Overall, the legislation aims to incentivize municipalities to meet their affordable housing needs while simultaneously enhancing environmental protection and community engagement.

Statutes affected:
Introduced: 52:27D-311