New Jersey A1229 provides municipalities with affordable housing credit for funds transferred to the New Jersey Affordable Housing Trust Fund.
New Jersey A1229 amends the law to provide municipalities with affordable housing credit toward their municipal fair share housing obligation for funds transferred to the New Jersey Affordable Housing Trust Fund. A municipality that transfers its development fee trust fund or payments-in-lieu balances to the New Jersey Affordable Housing Trust Fund would receive one unit of affordable housing credit in proportion to the minimum per unit amount established for the housing region by the Council on Affordable Housing.
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