The proposed bill establishes a Social Housing Program in New Jersey, administered by the New Jersey Housing and Mortgage Finance Agency (HMFA), to promote affordable housing through incentive awards for local government redevelopers. The program will provide tax credits to reimburse developers for costs associated with social housing projects, with defined eligibility criteria including economic feasibility, project financing gaps, and compliance with environmental standards. The bill mandates that a minimum of 20 percent of residential units in each project be reserved for workforce and low- to moderate-income housing, ensuring affordability. Additionally, it sets financial thresholds for projects based on municipal population, with costs ranging from $5 million to $17.5 million.

The legislation also introduces the Workforce Housing Investment Program, allowing local government redevelopers to transfer or sell their rights to incentive awards and tax credits under specific conditions. It establishes an Interagency Task Force on Public Land for Housing to identify suitable public lands for development and creates the Human Infrastructure Bank Fund to finance loans for certified workforce housing projects. The bill includes provisions for oversight, requiring biennial reports on program implementation and tax credit transfers. Overall, the legislation aims to enhance affordable housing availability in New Jersey through strategic investments and collaboration among state agencies, while ensuring accountability and reinvestment of excess rental income into social housing initiatives.

Statutes affected:
Introduced: 58:11B-3, 58:11B-4, 58:11B-5, 58:11B-9, 58:11B-23, 58:11B-25, 58:11B-27, 40:37A-54, 52:18A-263