The Affordable Housing Board is a volunteer board set up by the Mayor and Council to fulfill the Borough of New Providence's affordable housing program in accordance with the Fair Housing Act of 1985 and its amendments, as well as the Substantive Rules issued by the New Jersey Council on Affordable Housing. It ensures that there are affordable housing units available for rent or sale by economically qualified lower income applicants and establishes and maintains a list of qualified applicants for the properties that may become available.

The Affordable Housing Board also ensures that money collected from developer contributions or public sources is placed in the Housing Fund, and that it is fairly and equitably disbursed for the rehabilitation of substandard housing occupied by lower income households.