NJ A3337

Authorizes municipalities to grant property tax exemptions to affordable housing projects funded by the New Jersey Affordable Housing Trust Fund or municipal affordable housing development fees, provided the housing sponsor enters into a payment in lieu of taxes (PILOT) agreement

PILOT payments may range from 4% to 20% of annual gross revenue from the housing project, with the minimum being the greater of 4% of gross revenue or the prior year's land value tax amount

Allows municipalities to extend or grant new tax exemptions beyond the original loan payoff date for subsidized housing projects that remain subject to affordability controls under federal Section 8 assistance, Uniform Housing Affordability Controls, or Low Income Housing Tax Credit program requirements

Requires municipal clerks to transmit certified copies of tax exemption ordinances and PILOT agreements to the Director of the Division of Local Government Services within 30 days of adoption

Prohibits municipalities from spending affordable housing development fees without department approval and limits administrative expenditures to no more than 20% of collected development fee revenues