This bill allows municipalities in New Jersey to fulfill their affordable housing obligations by partnering with certain public entities, including school districts, public institutions of higher education, public transportation authorities, and public housing authorities or redevelopment agencies. Specifically, it enables municipal governing bodies to enter into agreements to develop affordable housing on properties owned by these public entities, thereby assisting municipalities in meeting their housing requirements as outlined in existing state laws.

The bill emphasizes that while municipalities can collaborate with these public entities for affordable housing development, it does not alter or diminish any other state laws that govern the purchasing, leasing, or selling of property by these entities. The legislation is set to take effect immediately upon passage.