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Bill > S3469


NJ S3469

NJ S3469
Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.


summary

Introduced
06/20/2024
In Committee
06/20/2024
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill provides a supplemental appropriation of $100 million to the Affordable Housing Production Fund (fund) in the Department of Community Affairs. The purpose of the fund is to provide financial assistance to municipalities to support the completion of 100-percent affordable housing projects. The fund was established pursuant to P.L.2022, c.49. Under the law, "100-percent affordable housing project" means an affordable housing project in which 100-percent of the residential units are constructed for occupancy by low- and moderate-income households and that has been identified in a fair share affordable housing obligation judgment of repose entered into by the municipality.

AI Summary

This bill provides a supplemental appropriation of $100 million to the Affordable Housing Production Fund (the Fund) in the Department of Community Affairs (DCA). The purpose of the Fund is to provide financial assistance to municipalities to support the completion of 100-percent affordable housing projects, which are affordable housing projects where all the residential units are for low- and moderate-income households and have been identified in a fair share affordable housing obligation judgment of repose entered into by the municipality.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 06/20/2024)

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