Authorizes municipality to meet affordable housing municipal obligations by developing property owned by certain public entities.

This bill allows New Jersey municipalities to partner with public entities like school districts, universities, and transit authorities to build affordable housing on land owned by those organizations. Under the new provisions, local governments can enter into agreements to develop such properties to satisfy their legal obligations for creating affordable housing units. The legislation clarifies which public institutions are eligible partners and ensures that existing state laws regarding property transactions remain unchanged. It takes effect immediately upon enactment.