Bill

Bill > S1102


NJ S1102

Requires certain local government community benefit agreements dedicate resources for affordable housing purposes.


summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill would prohibit county and municipal governing bodies from entering into certain "community benefits agreements" for large cash payments, unless the agreement requires that 50 percent or more of that cash payment be dedicated to affordable housing purposes within the local community. Affordable housing purposes under this bill would mean the creation or rehabilitation of low or moderate income housing as those terms are defined by the "Fair Housing Act." The bill defines a community benefit agreement as a binding legal agreement involving the governing body of a municipality or county and a developer of a commercial or residential project under which the developer agrees to pay for or provide certain resources to accommodate and benefit local community interests. In exchange, for these community benefits, the governing body of the local unit and other community stakeholders agree to approve or provide support for the developer's project. Community benefits agreements can be an important and valuable tool for local government units and the communities which these local units serve. These agreements can provide funding for local services and benefits to the community, including, but not limited to, funding and other resources for infrastructure, housing, workforce training, and development. This bill would assure that when a large cash payment is realized by a local government as a result of an agreement, a substantial portion of such a monetary payment is utilized to address affordable housing needs within the community.

AI Summary

This bill would prohibit county and municipal governing bodies from entering into certain "community benefits agreements" for large cash payments, unless the agreement requires that 50% or more of that cash payment be dedicated to affordable housing purposes within the local community. Affordable housing purposes under this bill would mean the creation or rehabilitation of low or moderate income housing as defined by the Fair Housing Act. The bill defines a community benefits agreement as a binding legal agreement between a local government and a developer, where the developer agrees to provide certain resources to accommodate and benefit the local community in exchange for the government's support for the developer's project.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)

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