This bill amends New Jersey's housing laws to reduce the affordability term for low- or moderate-income housing units created through middle housing construction or conversion. It introduces definitions for "middle housing" and "middle housing conversion," which refer to buildings with two to four units and the renovation or construction of such buildings, respectively. The bill establishes a minimum affordability term of 10 years for these units, a significant reduction from the previous requirements of 30 or 40 years based on whether the unit is for sale or rental. This change aims to encourage density and assist municipalities in meeting their affordable housing obligations.

Furthermore, the bill modifies regulations for newly created rental and for-sale units, maintaining a 40-year affordability term for rental units and a 30-year term for for-sale units, with certain exceptions. It also empowers the agency to establish affordable housing programs through subsidiary corporations and provides assistance via bonding powers. The bill mandates the creation of processes for certifying administrative agents and municipal housing liaisons to ensure compliance with affordable housing requirements, allowing for immediate adoption of regulations to implement these changes. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:27D-304, 52:27D-313.3, 52:27D-321