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 various housing and cultural programs, including the "Cultural Arts Incentives Program Act." It establishes an overall cap of $11.5 billion for tax credits across multiple programs, such as the "Historic Property Reinvestment Act" and the "New Jersey Aspire Program Act," with specific annual limits and a reserved $2.5 billion for transformative projects under the Aspire Program. The bill also reallocates uncommitted tax credits from the "New Jersey Community-Anchored Development Act" to the HMFA, exempting these from the conditions of the New Jersey Economic Recovery Act.

Furthermore, the bill introduces provisions for the HMFA to award project financing tax credits to developers of qualified housing projects that have received a four-percent low-income housing tax credit but are facing financing gaps. The total value of these tax credits will be determined based on the project's needs, ensuring alignment with a nine-percent low-income housing tax credit equivalent. The HMFA is authorized to manage the application process and issue compliance certificates for tax credits, which can be applied against various tax liabilities. Additionally, any uncommitted tax credits from the New Jersey Economic Development Authority (EDA) under the Community-Anchored Development Program will be reallocated to the HMFA annually, supporting the bill's objectives.

Statutes affected:
Introduced: 34:1B-362