NJ S2676

County boards of commissioners and municipal governing bodies would be prohibited from entering community benefits 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 are defined as the creation or rehabilitation of low-income or moderate-income housing under the Fair Housing Act (P.L.1985, c.222).

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

The requirement applies to both commercial and residential development projects at both the county and municipal levels in New Jersey.

The bill takes effect immediately upon enactment and would supplement Title 40 of the Revised Statutes.