This bill amends Section 98 of P.L.2020, c.156 to empower the New Jersey Housing and Mortgage Finance Agency (HMFA) to issue tax credits for designated housing projects, establishing a cap of $11.5 billion on the total value of tax credits awarded across various programs, including the "Historic Property Reinvestment Act" and the "New Jersey Aspire Program Act." The bill reallocates uncommitted tax credits to the HMFA, exempting them from the stipulations of the New Jersey Economic Recovery Act of 2020. It also introduces provisions for awarding project financing tax credits to developers of qualified housing projects that have received a four-percent low-income housing tax credit but are experiencing a financing gap.

Furthermore, the bill details the process for developers to apply for these tax credits, allowing for the carryforward of unused credits and the transfer of tax credit certificates under certain conditions. The HMFA is granted the authority to adopt necessary regulations to implement the bill's provisions, with a temporary exemption from some requirements of the Administrative Procedure Act for an initial period of 180 days. Overall, the bill aims to bolster housing development by providing financial incentives while ensuring that the awarded tax credits yield social benefits for the state.

Statutes affected:
Introduced: 34:1B-362