New Jersey A467 mandates that community benefit agreements with local governments allocate at least 50% of cash payments over $100,000 to affordable.

New Jersey A467 requires county and municipal governing bodies to ensure that community benefit agreements for cash payments over $100,000 dedicate at least 50% of the payment to affordable housing. Affordable housing is defined as the creation or rehabilitation of low or moderate income housing, as per the Fair Housing Act. This bill aims to ensure that significant cash payments from developers are used to address housing needs within the community.

New Jersey A467 mandates that community benefit agreements with local governments allocate at least 50% of cash payments over $100,000 to affordable.

New Jersey A467 requires county and municipal governing bodies to ensure that community benefit agreements for cash payments over $100,000 dedicate at least 50% of the payment to affordable housing. Affordable housing is defined as the creation or rehabilitation of low or moderate income housing, as per the Fair Housing Act. This bill aims to ensure that significant cash payments from developers are used to address housing needs within the community.