New Jersey S1102 requires local governments to dedicate at least 50% of large cash payments from community benefit agreements to affordable housing.
New Jersey S1102 mandates that local governments, including municipalities and counties, dedicate at least 50% of any cash payment over $100,000 from community benefit agreements to affordable housing purposes. These agreements, which are binding legal contracts between local governments and developers, aim to provide community benefits in exchange for project support. Affordable housing, as defined by the Fair Housing Act, includes the creation or rehabilitation of low or moderate income housing.
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