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NJ A4691

Bill

Official Source

Status

Introduced

9/12/2024

Primary Sponsor

Verlina Reynolds-Jackson

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Appropriates $100 million from the General Fund to the Affordable Housing Production Fund within the Department of Community Affairs as a supplement to the fiscal year 2024 budget

  • Funds will be distributed as grants to municipalities to contract with developers for completing 100-percent affordable housing projects

  • 100-percent affordable housing projects are defined as developments where all residential units are reserved for low- and moderate-income households

  • Projects must be identified in a fair share affordable housing obligation judgment of repose entered into by the municipality

  • The Affordable Housing Production Fund was originally established under P.L.2022, c.49

Legislative Description

Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.

Housing

Last Action

Introduced, Referred to Assembly Housing Committee

9/12/2024

Committee Referrals

Housing9/12/2024

Full Bill Text

No bill text available