NJ A3310

Counties and municipalities cannot enter into community benefit agreements involving cash payments of $100,000 or more unless at least 50% of the payment is dedicated to affordable housing purposes

"Affordable housing purposes" is defined as the creation or rehabilitation of low-income or moderate-income housing under the Fair Housing Act

Community benefit agreements are binding contracts between local governments and developers where developers provide resources or payments in exchange for project approval or support

The requirement applies to both county boards of commissioners and municipal governing bodies for commercial or residential development projects

The legislation takes effect immediately upon enactment