The bill seeks to enhance financing opportunities for low and moderate-income housing in New Jersey by amending existing statutes related to affordable housing. It redefines terms such as "boarding house" and broadens the definition of "eligible loan" to include financing for assisted living communities, mobile homes, and non-housing properties that improve residential livability. The introduction of a "non-amortizing loan" aims to facilitate the preservation of dwelling units without being classified as debt. Additionally, the New Jersey Housing and Mortgage Finance Agency is granted enhanced powers to adopt regulations requiring public consultation, ensuring community involvement in decision-making processes.

Moreover, the bill streamlines the approval process for affordable housing projects by removing the requirement for municipal resolutions for loan applications and establishing new funding priorities focused on preserving existing housing and supporting urban redevelopment. It encourages participation from minority, women-owned, and veteran-owned businesses in housing development and introduces measures to ensure fair access to housing opportunities. The agency is also tasked with maintaining a General Fund for operational costs and bond payments, while revising income eligibility criteria to allow continued occupancy for families exceeding income limits under certain conditions. Overall, the bill aims to create a more inclusive and supportive framework for affordable housing development in New Jersey.

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