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 new definitions, such as "boarding house," and expands the categories of properties eligible for loans, including assisted living communities and mobile homes. A significant addition is the "non-amortizing loan," which allows for the preservation of dwelling units without being classified as debt. The New Jersey Housing and Mortgage Finance Agency is granted increased authority to adopt regulations that promote public consultation and transparency, ensuring community involvement in decision-making processes. The agency is also empowered to enter agreements that help reduce rental charges for low-income residents while maintaining the financial stability of housing projects.

Additionally, the bill streamlines the approval process for affordable housing projects by removing the requirement for municipal resolutions for loan applications and prioritizing funding for urban redevelopment initiatives. It emphasizes the inclusion of minority, women, and veteran-owned businesses in housing development, providing financial incentives for their participation. The bill modifies income eligibility criteria, allowing families with incomes exceeding previous limits to remain in their units under certain conditions, and establishes a General Fund for the agency. It also clarifies tax exemption provisions for housing projects, allowing municipalities to exempt these projects from real property taxation under specific agreements, thereby promoting affordable housing development in the state.

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