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  • NJ A985
  • Permits certain portion of municipal development trust funds to be spent on housing affordability assistance to veterans.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
Current law permits a municipality that is authorized to collect affordable housing fees under the rules of the Council on Affordable Housing (COAH) to set aside amounts from the fees collected to provide affordability assistance programs, which may include down payment assistance, security deposit assistance, low interest loans, common maintenance expenses for units located in condominiums, rental assistance, and any other program authorized by the COAH. This bill would provide that up to 30 percent of the development fee amounts permitted to be spent on affordability assistance programs may be directed to a municipal program for first-time homebuying veterans, to provide grants for downpayment assistance. Grants under the program would be limited to $15,000 per recipient, and would not be considered as income concerning eligibility requirements for other State programs, or for purposes of taxation. The bill will help veterans by supplementing other State programs available for first-time homebuyers, such as the low-interest loans program offered by the New Jersey Housing and Mortgage Finance Agency.
Not specified
Introduced, Referred to Assembly Housing and Community Development Committee  (on 1/27/2016)
 
 

Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
None specified