New Jersey S1045 requires the State to annually compensate municipalities for costs related to developing low- and moderate-income housing units.

New Jersey S1045 mandates the State Treasurer to provide $75,000 to a municipality's Local Infrastructure and Planning Fund for each low- or moderate-income housing unit the municipality commits to, as outlined in its housing element and fair share plan. This compensation is available to municipalities that have obtained certification for their affordable housing obligations. The bill requires these municipalities to establish a Local Infrastructure and Planning Fund, separate from other municipal funds, to manage these payments.

New Jersey S1045 requires the State to annually compensate municipalities for costs related to developing low- and moderate-income housing units.

New Jersey S1045 mandates the State Treasurer to provide $75,000 to a municipality's Local Infrastructure and Planning Fund for each low- or moderate-income housing unit the municipality commits to, as outlined in its housing element and fair share plan. This compensation is available to municipalities that have obtained certification for their affordable housing obligations. The bill requires these municipalities to establish a Local Infrastructure and Planning Fund, separate from other municipal funds, to manage these payments.