Bill > A4337

Introduced Session

This bill would provide up to $600 million in tax credit available to developers to construct affordable housing projects in distressed neighborhoods. A distressed neighborhood is defined in the bill as a neighborhood located within a distressed municipality, in which the median family income does not exceed 80 percent of the Statewide or metropolitan median family income, as reported in the most recently completed decennial census published by the United States Census Bureau. Distressed municipalities include certain municipalities that receive assistance from the State, municipalities under the supervision of the Local Finance Board pursuant to the provisions of the "Local Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.), municipalities identified by the Director of the Division of Local Government Services in the Department of Community Affairs to be facing serious fiscal distress, SDA (Schools Development Authority) municipalities, and municipalities in which a major rail station is located. An SDA municipality is defined as a district that received education opportunity aid or preschool expansion aid in the 2007-2008 school year. In order to qualify for tax credit, a developer is required to construct a residential project in that: (1) at least 20 percent of the residential units are constructed and reserved for low- to moderate-income housing; and (2) at least 20 percent of the residential units are constructed and reserved for workforce housing. Developers are to apply for tax credit in the same manner in which developers applied for grants under the Economic Redevelopment Growth Program. This bill would incentivize development of affordable and market-rate housing in distressed neighborhoods around the State. The bill is expected to create balanced redevelopment in municipalities experiencing financial trouble and a more comprehensive urban development strategy. The bill is designed to transform the State's urban centers from areas with just offices, to 24-hours per day, seven-days per week communities with robust residential populations.

AI Summary

Committee Categories

Reginald Atkins (D)*,  Tennille McCoy (D)*,  Shanique Speight (D)*, 

Introduced, Referred to Assembly Housing Committee (on 05/10/2024)

Official Document