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 the maximum per-unit development cost standards set by the New Jersey Housing and Mortgage Finance Agency for the federal Low Income Housing Tax Credit Program. Additionally, the commissioner is tasked with adopting rules and regulations to implement these provisions within five months of the bill's enactment.

Furthermore, the bill includes a new provision stating that the development costs per unit for projects receiving funding from the Affordable Housing Trust Fund must not exceed the standards established by the commissioner. The bill is set to take effect six months after its enactment, with the commissioner allowed to take necessary anticipatory administrative actions prior to this date. This legislation aims to ensure that affordable housing projects remain financially viable while adhering to established cost standards.

Statutes affected:
Introduced: 52:27D-320