Signed by Governor Phil Murphy

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that requires the New Jersey Housing Mortgage and Finance Agency establish a pilot program to support insurance premiums for eligible affordable housing projects constructed by for-profit affordable housing developers.

Highlights:

• Establishes affordable housing insurance pilot program for eligible insurance premiums (Sec 1. B). 

• Specifies eligible affordable housing projects as a development where all units are reserved for low and moderate-income households, utilizes the tax-exempt financing and 4% low-income housing tax credits, recipient of previous funding, and development where insurance premiums rise 50% within the year (Sec. 1A).

• Requires the establishment of an Affordable Housing Insurance Fund, in which money is deposited into interest-bearing accounts in public depositories (Sec. 1C).

• Specifies for-profit affordable housing entities must apply to the agency and meet minimum criteria to be considered for participation (Sec. 1D).

• Limits financial assistance to $250 annually per unit and $1 million annually per housing project (Sec. 1E). 

• Requires agency to submit a report to the Governor to assess the success of the pilot program no later than six months after completion of the pilot program (Sec. 1G). 

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that requires the New Jersey Housing Mortgage and Finance Agency to establish a pilot program to support insurance premiums for eligible affordable housing projects constructed by for-profit affordable housing developers.

Highlights:

• Establishes affordable housing insurance pilot program for eligible insurance premiums (Sec 1. B). 

• Specifies eligible affordable housing projects as a development where all units are reserved for low and moderate-income households, utilizes the tax-exempt financing and 4% low-income housing tax credits, recipient of previous funding, and development where insurance premiums rise 50% within the year (Sec. 1A).

• Requires the establishment of an Affordable Housing Insurance Fund, in which money is deposited into interest-bearing accounts in public depositories (Sec. 1C).

• Specifies for-profit affordable housing entities must apply to the agency and meet minimum criteria to be considered for participation (Sec. 1D).

• Limits financial assistance to $250 annually per unit and $1 million annually per housing project (Sec. 1E). 

• Requires agency to submit a report to the Governor to assess the success of the pilot program no later than six months after completion of the pilot program (Sec. 1G). 

Full Bill Text