Bill > A3660

Introduced Session

This bill requires the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to reserve not less than 30 percent of its annual allocation of low-income housing tax credits (LIHTCs) for qualified projects located in certain high-opportunity areas. Under the LIHTC program, the federal government allocates tax credits to designated State agencies (e.g., the NJHMFA), which award the tax credits to the developers of qualified projects in order to subsidize the construction of affordable rental housing. Subject to federal constraints, each State agency awards LIHTCs based on standards and procedures set forth in a Qualified Allocation Plan, which may reserve a portion of LIHTCs for projects located in certain targeted areas. Specifically, the bill requires the NJHMFA to reserve not less than 30 percent of its annual allocation of LIHTCs for qualified projects located within: (1) a high-performing public school district, in which not less than 40 percent of the students meet or exceed expectations in math and language arts based on the Grade 4 Partnership for Assessment of Readiness for College and Careers assessment, or any successor assessment method established by the Department of Education; (2) a census tract with a poverty rate below the State average; (3) one-half mile of public transportation, which is available to the general public with daily scheduled service operating during regular commuter hours; and (4) the close proximity of certain designated positive land uses, including, but not limited to, grocery stores, health care facilities, day care providers, recreational facilities, family and vocational support centers, and other civic institutions.

AI Summary

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Valerie Vainieri Huttle (D)*, 

Introduced, Referred to Assembly Housing Committee (on 03/16/2020)

Official Document