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, wildlife habitats, and historical sites, among others. Municipalities will receive credits against their affordable housing obligations based on formulas developed by the Department of Environmental Protection (DEP) and the Department of Community Affairs (DCA). The bill emphasizes the need for municipalities to enact regulations and enforcement mechanisms to safeguard these resources, thereby promoting environmental stewardship alongside affordable housing development.

Furthermore, the bill clarifies that municipalities can earn one credit for each unit of low- or moderate-income housing, with additional bonus credits available for various housing developments. It deletes a previous provision that may have restricted the types of credits municipalities could receive. The legislation also sets limits on the types of housing that can count towards affordable housing obligations, specifying that no more than 30 percent can be age-restricted and at least 50 percent must be available for families with children. Additionally, municipalities are not required to fund infrastructure improvements 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