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 specifically for housing projects that qualify for low-income housing tax credits. It establishes an overall cap of $11.5 billion for tax credits across various programs over a nine-year period, with $2.5 billion earmarked for transformative projects under the Aspire Program. The bill also sets annual limits on the total value of tax credits awarded for each program during the first six years, ensuring a structured approach to funding.

Furthermore, the bill introduces project financing tax credits for developers of qualified housing projects that face financing gaps, supplementing previously awarded four-percent low-income housing tax credits. The HMFA is authorized to award these credits through existing or new programs, with developers required to submit applications. Additionally, any uncommitted balance of tax credits from the New Jersey Economic Development Authority (EDA) under the Community-Anchored Development Program will be reallocated to the HMFA annually, enhancing the funding available for housing projects. The EDA's annual tax credit limit is set at $200 million, with provisions for the application and transfer of tax credits, and the agency is allowed to adopt necessary regulations to implement the bill's provisions.

Statutes affected:
Introduced: 34:1B-362