Bill > A4373

This bill expands financing opportunities for low and moderate-income housing by making several changes to existing laws governing the New Jersey Housing and Mortgage Finance Agency (NJHMFA). Key provisions include allowing the agency to finance "assisted living communities" and mobile homes as eligible housing, requiring proposed rules and regulations to be posted online for at least 45 days before adoption, and expanding notification requirements to include private developers when funding is provided for housing projects. The bill also encourages participation by minority and women-owned businesses and certified non-profit organizations in affordable housing development, allows for the inclusion of for-profit entities in employer-sponsored housing programs, and mandates that savings from refinancing bonds for existing projects be shared with those projects. Additionally, it reduces the maximum payment in lieu of taxes (PILOT) a housing sponsor can pay to a municipality from 20% to 10% of annual net revenue and clarifies that project sponsors can repay mortgages without penalty starting in the eleventh year after issuance. Finally, the bill removes a requirement for municipal approval for housing projects rented at below-market rates and eliminates income limits for admission to certain housing projects, particularly those in qualified municipalities.