NJ A1229

Municipalities that transfer unspent development fee trust fund balances to the New Jersey Affordable Housing Trust Fund would receive affordable housing credits toward their fair share obligation.

Credits would be calculated as one unit of affordable housing for each minimum per unit amount transferred, based on the housing region's established rate.

The same credit mechanism would apply to municipalities transferring unexpended payments-in-lieu balances to the state trust fund.

Regional minimum per unit amounts referenced range from $67,000 (Northwest and West Central regions) to $80,000 (Northeast and South-Southwest regions).

Amends P.L.2008, c.46 to add these credit provisions for both development fees and payments-in-lieu transfers.