The New Jersey Workforce Housing Partnership Act is designed to tackle housing affordability issues for middle-class workers, such as teachers and healthcare professionals, by creating a Workforce Housing Assistance Program. This program will provide state grants to match employer-provided down payment assistance and offer low-interest mortgage options for eligible employees. The Act also introduces tax incentives for businesses that support their employees' homeownership and encourages the development of workforce housing through zoning flexibility and private sector involvement. The legislation allocates $55 million to fund these initiatives and allows qualified employers to receive tax credits for converting underutilized commercial properties into workforce housing, with a stipulation that at least 20% of the units be designated for low- and moderate-income housing.

Additionally, the Act establishes a Workforce Housing Impact Relief Program to provide grants to long-term homeowners in municipalities impacted by workforce housing developments, with eligibility based on income and homeownership duration. It also allows qualified employers to claim tax credits for financial contributions toward down payments for workforce housing and empowers municipalities to grant tax abatements or exemptions for such projects. The bill aims to streamline the approval process for workforce housing developments by introducing specific timelines for municipal agencies and prioritizing applications that include a significant portion of workforce housing. Overall, the Act seeks to create a sustainable solution for middle-income residents in New Jersey while fostering public-private partnerships to enhance housing affordability.

Statutes affected:
Introduced: 27:1B-25, 40:55D-10, 40:55D-46, 40:55D-46.1, 40:55D-48, 52:27D-132