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

This bill creates a new "preservation bonus credit" that municipalities can use to help meet their affordable housing requirements. Municipalities that protect specific environmental and cultural resources - including drinking water sources, wildlife habitats, historical sites, and climate-resilient areas - can earn these credits by enacting regulations to safeguard these resources. The Department of Community Affairs, in consultation with the Department of Environmental Protection, will develop formulas to determine credit amounts based on factors like ecological importance and societal value. These preservation bonus credits count toward the 25% cap on bonus credits that can be applied to a municipality's affordable housing obligation under current law.