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NJ A216
Bill
Status
1/9/2024
Primary Sponsor
Michael Inganamort
Click for details
AI Summary
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Municipalities that transfer development fee trust fund balances or payments-in-lieu balances to the New Jersey Affordable Housing Trust Fund would receive affordable housing credit toward their fair share housing obligation
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Credit is calculated as one unit of affordable housing for each amount transferred equal to the minimum per unit amount established for the municipality's housing region by the Council on Affordable Housing
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Minimum per unit amounts by region (as referenced from 2008 rules): Northeast - $80,000; Northwest - $67,000; West Central - $67,000; East Central - $70,000; Southwest - $71,000; South-Southwest - $80,000
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Credits would be applied as of the date of the fund balance transfer to the state trust fund
Legislative Description
Provides municipality with affordable housing credit toward its municipal fair share housing obligation for funds transferred to the New Jersey Affordable Housing Trust Fund pursuant to P.L.2008, c.46.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/9/2024