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 aims to preserve dwelling units without being classified as debt. The New Jersey Housing and Mortgage Finance Agency is granted increased powers, including the ability to adopt regulations that require public consultation and transparency, ensuring community involvement in the decision-making process.

Additionally, the bill streamlines the approval process for affordable housing projects by removing the requirement for municipalities to demonstrate a need for housing before loan applications are processed. It promotes the preservation of existing affordable housing and mandates that deed restrictions be maintained for at least ten years. The agency is tasked with notifying local governments of funding decisions within five days, enhancing transparency. The bill also modifies income eligibility criteria, allowing families with incomes exceeding the threshold by 25% to remain in their units under certain conditions, and encourages the participation of minority-, women-, and veteran-owned firms in housing development projects. Furthermore, it allows municipalities to exempt housing projects from real property taxes if certain conditions are met, promoting long-term affordability.

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