Requires State to annually compensate certain municipalities for costs related to obligations for development of low- and moderate-income housing units.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires the state of New Jersey to annually compensate certain municipalities for the costs associated with developing low- and moderate-income housing units. It addresses the financial burden placed on local governments due to state housing laws, specifically the ‘Fair Housing Act.’ The State Treasurer will provide funds to a municipality’s Local Infrastructure and Planning Fund for each affordable housing unit committed to, with payments distributed over a 10-year period. This aims to help municipalities cover increased costs for infrastructure, planning, and compliance related to these housing obligations.
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Sponsors
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3 on record
Primary sponsors
Anthony Bucco
Cosponsor
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