NJ A3523

Municipalities may enter into agreements with developers to provide up to 50% of affordable housing units in a project as preferences for current residents of that municipality

Resident applicants who apply within the first 90 days of the initial 120-day marketing period receive preference for the agreed-upon percentage of affordable units

After 90 days, any remaining preference units become available to general public applicants

Qualified municipal residents are placed on both a special waiting list and general waiting list, with preference given when preference-occupied units fall below the agreed percentage

These municipal resident preference agreements do not affect a municipality's ability to receive credit for the units toward their fair share affordable housing obligations