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NJ A4691
NJ A4691Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
summary
Introduced
09/12/2024
09/12/2024
In Committee
09/12/2024
09/12/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
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 in the Department of Community Affairs. The purpose of the fund is to provide grants to municipalities to contract with developers for the completion of 100-percent affordable housing projects, which are defined as affordable housing projects where all the residential units are constructed for occupancy by 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 (4)
Last Action
Introduced, Referred to Assembly Housing Committee (on 09/12/2024)
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/A4691 |
| BillText | https://pub.njleg.gov/Bills/2024/A5000/4691_I1.HTM |
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