Bill > A3128

This bill authorizes the New Jersey Housing and Mortgage Finance Agency (HMFA) to sell up to $500 million in tax credits through competitive auctions over six years to fund housing initiatives. Specifically, the bill requires that 50% of the proceeds from these tax credit auctions be used to create middle-income workforce housing and 50% to support low- and moderate-income housing that helps municipalities meet their affordable housing obligations. The agency is limited to selling $100 million in tax credits annually and cannot sell credits for less than 80% of their value. When distributing funds for affordable housing, the agency will prioritize projects in "distressed older suburban municipalities" - which are defined by specific economic and demographic criteria like declining income levels, high poverty rates, and aging housing stock. The bill also establishes detailed rules for how tax credit purchasers can use, transfer, and sell these credits, including restrictions on resale and requirements to remit a portion of sales proceeds to the state. The overall goal is to create more diverse and affordable housing options across different income levels in New Jersey.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A3128