Bill > S3743

This bill expands financing opportunities for low and moderate income housing in New Jersey. The key provisions are: This bill revises aspects of the New Jersey Housing and Mortgage Finance Agency (HMFA) laws to encourage participation by certified minority-, women-, and veteran-owned development firms. It directs the HMFA to establish incentives and priorities to promote participation by these firms, so they have a realistic opportunity to successfully provide low- and moderate-income housing options. The bill also specifically encourages the development of multi-family rental housing and homeownership opportunities for low- and moderate-income families by allowing participating developing firms to satisfy existing bonding requirements through a letter of credit or traditional performance bonding. The bill makes various procedural changes to help the HMFA carry out its housing priorities, such as requiring public notice and comment on proposed rules and regulations. The bill also provides for the preservation of existing affordable housing by allowing the extension of existing debt, loans, and liens.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S3743