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NJ S1415
NJ S1415Requires HMFA to establish affordable housing insurance pilot program; appropriates $5 million.
summary
Introduced
01/09/2024
01/09/2024
In Committee
03/11/2024
03/11/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
Requires HMFA to establish affordable housing insurance pilot program; appropriates $5 million.
AI Summary
This bill requires the New Jersey Housing and Mortgage Finance Agency (HMFA) to establish an affordable housing insurance pilot program to provide financial assistance to for-profit affordable housing entities for insurance premiums on eligible affordable housing projects. The bill establishes the Affordable Housing Insurance Fund within the HMFA to hold the appropriated funds and any fees collected for the program. The bill appropriates $5 million from the General Fund to the Affordable Housing Insurance Fund and allows the HMFA to utilize remaining, unencumbered funds from a previous risk share pilot program, up to $5 million, to be deposited into the Affordable Housing Insurance Fund for the purposes of this bill.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (3)
Last Action
Substituted by A2267 (ACS/1R) (on 03/18/2024)
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/2024/S1415 |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1415_U1.HTM |
| Analysis - Statement SBA 3/11/24 SCS | https://pub.njleg.gov/Bills/2024/S1500/1415_S2.PDF |
| Analysis - Statement SCU 1/25/24 | https://pub.njleg.gov/Bills/2024/S1500/1415_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S1500/1415_T1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1415_I1.HTM |
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