A 3842
Provides for preservation bonus credit against affordable housing obligations to certain municipalities.
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- Passed General Assembly
- Passed Senate
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- Became Law
Bill overview
This bill provides municipalities with ‘preservation bonus credits’ against their obligations to create affordable housing. Specifically, it amends existing law to allow municipalities that designate and actively protect certain natural resources – such as critical headwaters, wildlife habitats, and historical sites – to receive these credits. The Department of Community Affairs, in collaboration with the Department of Environmental Protection, will determine which municipalities qualify and establish the criteria for awarding these credits. This aims to incentivize municipalities to prioritize environmental preservation alongside affordable housing development.
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