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. The bill clarifies the definition of "persons and families of low and moderate income" to ensure assistance is based on comprehensive income assessments. Additionally, it strengthens the New Jersey Housing and Mortgage Finance Agency's (NJHMFA) authority by mandating public consultation and transparency in its operations, requiring proposed rules to be posted online for community feedback, and allowing the agency to enter into agreements for tax payments and insurance procurement.

Moreover, the bill modifies the oversight and accountability of loans made to non-profit housing sponsors, requiring them to certify project costs and encouraging conventional lenders' participation. It removes previous income limits for families in agency-financed housing, allowing those exceeding limits by 25% to remain under certain conditions, while prioritizing vulnerable populations for admission. The bill also promotes the involvement of minority-, women-, and veteran-owned firms in housing development by creating incentives and allowing alternative bonding methods. Lastly, it clarifies tax exemption provisions for housing projects, enabling municipalities to exempt them from real property taxes under specific agreements, thereby streamlining regulations to foster 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