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, streamline the approval process for affordable housing projects, and promote participation from minority, women-owned, and veteran-owned businesses.

Moreover, the bill establishes new oversight and accountability measures for housing projects financed by the agency, including requirements for housing sponsors to certify project costs and provisions for the participation of conventional lenders. It modifies income eligibility criteria to allow families to remain in housing projects even if their income exceeds certain limits, while also creating a General Fund to manage agency finances. The bill clarifies tax exemption provisions for housing projects, allowing municipalities to exempt them from real property taxation under specific conditions. Overall, the legislation aims to create a more inclusive and efficient framework for developing affordable housing while ensuring accountability and community involvement in the agency's operations.

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