Bill > S2628

This bill permits for-profit affordable housing entities to join with non-profit entities and housing authorities in joint insurance funds under certain circumstances. Specifically, it defines "for-profit affordable housing entities" as organizations created to provide low and moderate income housing or project-based federal rental developments. It allows these entities, along with non-profit housing entities, to be deemed "local units" for the purposes of establishing or joining a joint insurance fund. However, the joint insurance fund cannot provide contributory or non-contributory group health or life insurance to employees or their dependents. The bill also outlines the types of joint insurance funds that the non-profit or for-profit affordable housing entities can participate in, such as those providing excess coverage or accepting the transfer of residual claims liabilities.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S2628