Bill > A5501

This bill requires the Commissioner of Community Affairs to establish standards for the maximum development costs per unit for projects supported by the New Jersey Affordable Housing Trust Fund. Specifically, these cost standards must be comparable to the maximum per-unit development cost standards used by the New Jersey Housing and Mortgage Finance Agency for the federal Low Income Housing Tax Credit Program. The bill mandates that the commissioner adopt rules and regulations to implement these requirements within five months of the bill's enactment, with the law taking effect in the sixth month. The new provision will be added to the existing affordable housing trust fund statute, ensuring that any project receiving funding through the trust fund cannot exceed the newly established maximum development cost per unit. This aims to control and standardize the expenses associated with affordable housing development, potentially helping to manage costs and ensure efficient use of public housing funds. The bill applies to all funding commitments made on or after the effective date, giving the Commissioner time to develop and implement the new cost standards.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5501