The bill seeks to enhance financing opportunities for low and moderate-income housing in New Jersey by amending existing laws related to affordable housing. It introduces a redefined term for "boarding house" to include various living arrangements and expands the categories of properties eligible for loans, now covering assisted living communities and mobile homes. The definition of "persons and families of low and moderate income" is clarified to ensure assistance is based on comprehensive income assessments. Additionally, the New Jersey Housing and Mortgage Finance Agency is granted enhanced powers to adopt regulations that promote public consultation and transparency, including the requirement to post proposed rules online for community feedback.

Significant changes include the removal of the requirement for municipalities to demonstrate a need for housing projects before loan applications can be processed, expediting funding. The bill prioritizes loans for urban redevelopment projects and establishes financial incentives for minority, women, and veteran-owned businesses. It also modifies income eligibility criteria, allowing families exceeding income limits to remain in their units under certain conditions, and mandates the agency to prioritize vulnerable populations in its admission rules. Furthermore, the bill allows municipalities to exempt housing projects from real property taxes if sponsors agree to make reduced payments in lieu of taxes, ensuring ongoing support for affordable housing initiatives.

Statutes affected:
Introduced: 55:14K-3, 55:14K-5, 55:14K-5.1, 55:14K-5.2, 55:14K-6, 55:14K-7, 55:14K-8, 55:14K-31, 55:14K-37