NJ A2267

Establishes an affordable housing insurance pilot program through the New Jersey Housing and Mortgage Finance Agency to provide financial assistance for insurance premiums to for-profit affordable housing entities that receive federal Low Income Housing Tax Credit allocations

Eligible projects must have 100% of units reserved for low- and moderate-income households and include newly constructed projects with agency tax-exempt financing, existing developments receiving supplemental agency financing for rehabilitation, or properties experiencing insurance premium increases of at least 50% over 24 months

Creates the Affordable Housing Insurance Fund as a non-lapsing fund to distribute moneys to participating entities for policies covering bodily injury and property damage claims

Limits financial assistance to no more than $250 annually per unit and $1,000,000 annually per eligible affordable housing project

Appropriates $5,000,000 from the General Fund to the Affordable Housing Insurance Fund, with the pilot program accepting applications for two years and terminating no later than 20 years after the act's effective date