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 related to safeguarding resources such as critical headwaters, wildlife habitats, and historical sites. The Department of Environmental Protection (DEP) will develop formulas to evaluate these resources, determining the amount of bonus credits municipalities can receive. Additionally, the bill specifies that municipalities can earn one credit for each unit of low- or moderate-income housing, with conditions for bonus credits, while emphasizing the need for regulations and enforcement mechanisms to demonstrate commitment to resource preservation.

Furthermore, the bill includes a deletion of a previous provision to streamline the process for municipalities to meet their fair share of low- and moderate-income housing, while also incentivizing environmental stewardship and community engagement. It establishes that municipalities cannot fulfill more than 30 percent of their affordable housing units through age-restricted housing and must ensure at least 50 percent of the units are available for families with children. The bill clarifies that municipalities are not obligated to fund infrastructure improvements for affordable housing projects beyond 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, providing municipalities with greater flexibility in meeting their housing requirements.

Statutes affected:
Introduced: 52:27D-311