This bill enables municipalities in New Jersey to enter into shared service agreements to fulfill their affordable housing obligations under the "Fair Housing Act." It allows for the transfer of up to 50 percent of a municipality's fair share affordable housing responsibilities to other municipalities, regardless of regional boundaries. The agreements must be approved by the Department of Community Affairs (DCA) and reviewed by the Attorney General to ensure compliance with inclusionary housing requirements. Additionally, the bill mandates that municipalities provide a housing element and a statement of reasons for their proposals, and it emphasizes the importance of creating age-restricted housing to cater to the growing elderly population.

Significant amendments to the "Fair Housing Act" are included, such as the deletion of provisions related to regional contribution agreements and the abolition of the Council on Affordable Housing due to its ineffectiveness. The bill establishes a new process for municipalities to seek approval for their fair share obligations, with the DCA providing guidance. It also introduces regulations for credits municipalities can earn for various affordable housing developments and requires receiving municipalities to file annual reports on their progress. The bill aims to enhance the planning and implementation of affordable housing in New Jersey, ensuring that a minimum percentage of units are available for families with children and rental housing.

Statutes affected:
Introduced: 52:27D-302, 52:27D-311, 52:27D-312