Bill > S1415

This bill requires the New Jersey Housing and Mortgage Finance Agency (HMFA) to establish a pilot program to provide financial assistance to for-profit affordable housing entities for insurance premiums on eligible affordable housing projects, which are developments where all units are reserved for low- and moderate-income households. The program aims to help these entities, particularly those facing significant increases in insurance costs or other extraordinary expenses that threaten their financial stability, by offering financial aid for bodily injury and property damage insurance. To fund this initiative, $5 million is appropriated to a newly established Affordable Housing Insurance Fund within the HMFA, which will also receive application fees. The pilot program will operate for two years, with the agency responsible for setting guidelines, including minimum insurance standards, and will terminate no later than 20 years after the bill's effective date. The HMFA will also report on the program's success to the Governor and Legislature.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S1415