New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill A2165

Introduced
2/7/22  

Caption

Provides municipality with affordable housing credit toward its municipal fair share housing obligation for funds transferred to the New Jersey Affordable Housing Trust Fund pursuant to P.L.2008, c.46.

Impact

The bill modifies existing legislation, specifically P.L.2008, c.46, and brings about significant changes in how municipalities manage funds collected for affordable housing. Under the bill, municipalities will not be allowed to spend or commit any affordable housing development fees without prior approval from the council. Any funds that are not committed to expenditure within four years of collection must be transferred to the Affordable Housing Trust Fund, ensuring that these funds are used effectively to address the housing crisis in the state.

Summary

Assembly Bill A2165 is aimed at providing municipalities in New Jersey with affordable housing credits pertaining to their municipal fair share housing obligations. Specifically, the bill allows for municipalities that transfer funds—either from their development fee trust fund or from payments-in-lieu—to the New Jersey Affordable Housing Trust Fund to receive a corresponding housing credit. This credit is issued based on a formula established by the Council on Affordable Housing, directly proportional to the minimum per unit amount assigned to each housing region.

Contention

While supporters of A2165 argue that the bill will streamline the process for municipalities to meet their affordable housing obligations, critics raise concerns about the implications of centralization of authority. Opponents fear that requiring council approval for expenditures could slow down the deployment of necessary affordable housing resources. Additionally, there are apprehensions regarding the impact on local autonomy when municipalities are restricted in their financial decision-making specifically concerning affordable housing initiatives.

Companion Bills

No companion bills found.

Previously Filed As

NJ A216

Provides municipality with affordable housing credit toward its municipal fair share housing obligation for funds transferred to the New Jersey Affordable Housing Trust Fund pursuant to P.L.2008, c.46.

NJ S1751

Requires COAH to credit municipalities with units against fair share affordable housing obligation for certain types of housing; provides certain types of affordable housing units will be credited as two units.

NJ A4147

Requires COAH to credit municipalities with units against fair share affordable housing obligation for certain types of housing; provides certain types of affordable housing units will be credited as two units.

NJ S821

Requires COAH to credit municipalities with units against fair share affordable housing obligation for certain types of housing; provides certain types of affordable housing units will be credited as two units.

NJ A245

Requires COAH to administer affordable housing obligations of municipalities based on statewide obligation.

NJ A967

Requires COAH to administer affordable housing obligations of municipalities based on statewide obligation.

NJ S2313

Authorizes COAH to credit municipalities with 1.5 units of fair share affordable housing obligation for each housing unit occupied by a veteran; permits municipalities to satisfy fair share affordable housing obligation through 35 percent set aside for veterans.

NJ S140

Authorizes COAH to credit municipalities with 1.5 units of fair share affordable housing obligation for each housing unit occupied by a veteran; permits municipalities to satisfy fair share affordable housing obligation through 35 percent set aside for veterans.

NJ S622

Requires COAH to administer affordable housing obligations of municipalities based on Statewide obligation.

NJ S2104

Requires COAH to administer affordable housing obligations of municipalities based on Statewide obligation.

Similar Bills

NJ A216

Provides municipality with affordable housing credit toward its municipal fair share housing obligation for funds transferred to the New Jersey Affordable Housing Trust Fund pursuant to P.L.2008, c.46.

HI SB1170

Relating To Affordable Housing Credits.

HI SB1170

Relating To Affordable Housing Credits.

NJ S1351

Encourages timely recording of residential deeds.

NJ A5032

Requires limited liability company disclose certain information when recording deed concerning residential rental property.

NJ S889

Requires limited liability company disclose certain information when recording deed concerning residential rental property.

HI HB678

Relating To Housing.

NJ A1240

Requires limited liability company disclose certain information when recording deed concerning residential rental property.