This bill mandates the Commissioner of Community Affairs to establish standards for the maximum development costs per unit for projects funded through the "New Jersey Affordable Housing Trust Fund." These standards are required to align with those of the federal Low Income Housing Tax Credit Program. The commissioner is also tasked with adopting rules and regulations to implement these provisions within five months of the bill's enactment. Additionally, the bill includes a new provision stating that the development costs per unit for projects receiving funding from the trust fund must not exceed the standards set by the commissioner.

The bill amends existing legislation regarding the "New Jersey Affordable Housing Trust Fund," ensuring that all funds are accounted for separately and remain available until appropriated for affordable housing purposes. It emphasizes the importance of compliance certification for municipalities seeking funding and outlines the criteria for awarding grants and loans. The bill also includes provisions for tax exemptions for affordable housing projects and requires annual audits and reports on the fund's activities. The act is set to take effect six months after its enactment, applying to funding commitments made thereafter.

Statutes affected:
Introduced: 52:27D-320