The bill amends Section 11 of P.L.1985, c.222 (C.52:27D-311) to establish a preservation bonus credit system for municipalities in New Jersey, allowing them to offset their affordable housing obligations by protecting critical environmental and community resources. Municipalities can earn these credits based on formulas developed by the Department of Environmental Protection, contingent upon their commitment to safeguarding resources such as headwaters, wildlife habitats, and historical sites. The legislation emphasizes the need for municipalities to enact regulations and enforcement mechanisms to qualify for these bonus credits, thereby promoting both affordable housing and environmental protection.

Furthermore, the bill specifies that municipalities can earn one credit for each unit of low- or moderate-income housing, with certain conditions for bonus credits. It limits the fulfillment of affordable housing units through age-restricted housing to no more than 30 percent and mandates that at least 50 percent of the units be available for families with children. Additionally, 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 bill aims to create a balance between meeting affordable housing needs and preserving valuable community resources.

Statutes affected:
Introduced: 52:27D-311