1. Any municipality that has designated a redevelopment area, provides for a tax abatement within that redevelopment area and has adopted a housing element pursuant to subsection b. of section 19 of P.L.1975, c.291 (C. 40:55D-28) may, by ordinance, require, as a condition for granting a tax abatement, that the redeveloper set aside affordable residential units or contribute to an affordable housing trust fund established by the municipality. The requirement may be imposed upon developers of market rate residential or non-residential construction or both, at the discretion of the municipality. For the purposes of this section, “affordable” shall mean affordable to persons of low or moderate income as defined pursuant to the “Fair Housing Act,” P.L.1985, c.222 (C. 52:27D-301 et al.).

L.2003,c.125,s.1.