Provides for preservation bonus credit against affordable housing obligations to certain municipalities.

This bill adds a "preservation bonus credit" to New Jersey's affordable housing law, allowing municipalities to count existing affordable housing units toward their fair share obligation. It directly affects New Jersey municipalities required to meet affordable housing goals under the Fair Housing Act. The key provision lets municipalities earn credit for preserving affordable units in existing buildings (rather than building new ones), reducing the number of new units they must develop. This change simplifies compliance for municipalities with older affordable housing stock. The bill amends Section 11 of the Fair Housing Act (P.L.1985, c.222) to include this credit mechanism.