summary
Introduced
12/14/2023
12/14/2023
In Committee
01/04/2024
01/04/2024
Crossed Over
01/08/2024
01/08/2024
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Authorizes HMFA to issue tax credits for certain purposes.
AI Summary
This bill authorizes the New Jersey Housing and Mortgage Finance Agency (HMFA) to issue tax credits to supplement the value of any 4% low-income housing tax credits previously awarded to developers of qualified projects. The tax credits are available to developers who received 4% credits due to the limited availability of 9% low-income housing tax credits, and who demonstrate a project financing gap. The bill specifies how the tax credits may be applied against developers' tax liabilities and outlines the process for transferring the tax credits. The bill also allows the HMFA to adopt regulations to implement these provisions on an expedited basis.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Passed by the Assembly (73-0-0) (on 01/08/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5900 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5900_R1.HTM |
| Analysis - Statement AAP 1/4/24 | https://pub.njleg.gov/Bills/2022/A6000/5900_S2.PDF |
| Analysis - Statement AHO 12/20/23 | https://pub.njleg.gov/Bills/2022/A6000/5900_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5900_I1.HTM |
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