Bill
Bill > A3508
NJ A3508
NJ A3508Requires standards for maximum development costs per unit for project supported by affordable housing trust fund.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill directs the Commissioner of Community Affairs (commissioner) to establish standards for the maximum development costs per unit to be permitted for a project developed with the assistance of the "New Jersey Affordable Housing Trust Fund." The standards established by the commissioner are to be comparable to the maximum per-unit development cost standards administered by the New Jersey Housing and Mortgage Finance Agency for the federal Low Income Housing Tax Credit Program. The bill directs the commissioner to adopt rules and regulations to implement the requirements of the bill on or before the first day of the fifth month following the bill's enactment. The bill is to take effect on the first day of the sixth month following the bill's enactment, and is to apply to funding commitments made on or after that date.
AI Summary
This bill requires the Commissioner of Community Affairs to establish standards for the maximum development costs per unit for projects receiving funding from the "New Jersey Affordable Housing Trust Fund," which is a dedicated fund for affordable housing initiatives. These new standards must be similar to those used by the New Jersey Housing and Mortgage Finance Agency for the federal Low Income Housing Tax Credit Program, a federal program that incentivizes the development of affordable rental housing. The Commissioner is directed to create and adopt the necessary rules and regulations to implement these cost standards by the fifth month after the bill becomes law, and these standards will apply to any funding commitments made on or after the sixth month following enactment.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly Housing Committee (on 01/13/2026)
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/2026/A3508 |
| BillText | https://pub.njleg.gov/Bills/2026/A4000/3508_I1.HTM |
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