Bill > S1255

Introduced Session

This bill requires that State motor vehicle surcharge revenues collected pursuant to P.L.2004, c.70 (C.34:1B-21.23 et al.) that are in excess of the amount necessary to pay the principal and interest on motor vehicle surcharges securitization bonds issued pursuant to P.L.2004, c.70 (C.34:1B-21.23 et al.) are to be deposited after June 30, 2020 into the Special Needs Housing Trust Fund. Under current law, these excess funds are deposited in the General Fund. The bill would also authorize the Special Needs Housing Trust Fund to accept other funds that may be authorized by law. The Special Needs Housing Trust Fund was established by P.L.2005, c.163 and supports the development and construction of community residences and permanent supportive housing for individuals with special needs. This program was initially funded in 2006 by $200,000,000 from the proceeds of bonds issued by the New Jersey Economic Development Authority. The majority of those funds have been expended on the development and construction of community residences and permanent supportive housing for individuals with special needs, and this bill would provide additional funds to continue that mission.

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Nellie Pou (D)*,  Troy Singleton (D)*,  Cleopatra Tucker (D)*,  Thomas Giblin (D),  Vin Gopal (D),  Valerie Vainieri Huttle (D), 

Approved P.L.2021, c.126. (on 06/29/2021)

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