Bill > A1389

Introduced Session

This bill provides municipalities with affordable housing credit toward their municipal fair share housing obligation for funds transferred to the "New Jersey Affordable Housing Trust Fund" pursuant to P.L.2008, c.46. Under the provisions of the bill, a municipality that has transferred its development fee trust fund or payments-in-lieu balances to the "New Jersey Affordable Housing Trust Fund" would receive one unit of affordable housing credit in proportion to the minimum per unit amount established for the housing region of the transferring municipality by the Council on Affordable Housing ("council"). As a point of reference, under N.J.A.C.5:97-7.1 (the council's substantive rules for the period beginning June 2, 2008) the minimum per unit transfer amount pursuant to a regional contribution agreement by housing region was: Housing Region 1 (Northeast) -- $80,000; Housing Region 2 (Northwest) -- $67,000; Housing Region 3 (West Central) -- $67,000; Housing Region 4 (East Central) -- $70,000; Housing Region 5 (Southwest) -- $71,000; and Housing Region 6 (South-Southwest) -- $80,000.

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Gail Phoebus (R)*,  Parker Space (R)*, 

Introduced, Referred to Assembly Housing and Community Development Committee (on 01/27/2016)