This bill establishes a framework for New Jersey municipalities to enhance housing development opportunities, enabling them to qualify for preferential funding from the State. It empowers municipal governing bodies to direct their planning boards to conduct special reexaminations of their master plans and development regulations, focusing on residential development. The planning boards are tasked with reviewing existing regulations and may recommend changes to increase housing density and variety, such as allowing accessory dwelling units and multi-unit dwellings, as well as reducing parking and lot size requirements. Municipalities that adopt these changes will be eligible for preferential status in State financial assistance distribution.

Additionally, the bill mandates the Department of Community Affairs to prioritize municipalities that amend their development regulations to support additional housing strategies, requiring the publication of a list categorizing these municipalities based on the impact of their changes. It also includes provisions for the Commissioner of Transportation to prioritize funding for municipal projects in compliant municipalities. Furthermore, the bill allows for an increase of up to 10 percent in district aid for school facilities projects in municipalities that adopt the requisite housing strategies, linking housing development with educational funding opportunities. A uniform methodology will be developed by the Commissioners of Education and Community Affairs to determine these aid percentage increases.

Statutes affected:
Introduced: 18A:7G-9, 18A:7G-15