Reauthorizes regional contribution agreements for affordable housing in New Jersey.

This bill amends the Fair Housing Act to reauthorize the use of regional contribution agreements by municipalities to meet affordable housing needs. It allows municipalities to transfer up to 50% of their fair share housing obligation to another municipality within their housing region. The council must approve these agreements, ensuring they provide a realistic opportunity for low and moderate income housing. The bill also outlines procedures for the council to review and approve these agreements, including setting guidelines for contributions and ensuring they align with regional planning.

Reauthorizes regional contribution agreements for affordable housing in New Jersey.

This bill amends the Fair Housing Act to reauthorize the use of regional contribution agreements by municipalities to meet affordable housing needs. It allows municipalities to transfer up to 50% of their fair share housing obligation to another municipality within their housing region. The council must approve these agreements, ensuring they provide a realistic opportunity for low and moderate income housing. The bill also outlines procedures for the council to review and approve these agreements, including setting guidelines for contributions and ensuring they align with regional planning.