Bill > S2101

This bill allows municipalities to enter into agreements with developers to give a preference to current residents of that municipality for up to 50 percent of affordable housing units in a new development. Affordable housing refers to housing that is made available to individuals and families with low to moderate incomes, meaning those earning below a certain percentage of the area's median income. This preference would be applied during the applicant selection process, with municipal residents who apply within the first 90 days of the initial marketing period receiving priority for a specified percentage of these units. If any units remain available after this initial period, other applicants from the general public would be considered. The bill also outlines a system for a special waiting list for municipal residents and establishes that these agreements will not impact a municipality's ability to receive credit for these affordable units from the council, which is likely referring to a state housing council or similar body responsible for overseeing affordable housing initiatives.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S2101