NJ A467

County and municipal governments in New Jersey would be prohibited from entering 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 are defined as the creation or rehabilitation of low-income or moderate-income housing as specified under the Fair Housing Act.

Community benefit agreements are defined as binding legal 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 and residential development projects.

The bill takes effect immediately upon enactment.