Reauthorizes use of regional contribution agreements.

This bill reauthorizes New Jersey municipalities' use of regional contribution agreements to meet their fair share housing obligations. Currently prohibited since 2008, these agreements would allow a municipality to transfer up to 50% of its affordable housing requirement to another municipality within its housing region. The Council on Affordable Housing would review and approve these agreements to ensure they provide reasonable access to affordable housing near employment opportunities. This change would restore a mechanism that was previously permitted before the 2008 prohibition.