NJ A5003

Expands New Jersey Housing and Mortgage Finance Agency (NJHMFA) financing to include assisted living communities and establishes "non-amortizing loans" for preservation of affordable housing that are only repaid from annual cash availability

Requires NJHMFA to provide financial incentives and set-asides for minority-owned, women-owned, and veteran-owned businesses in affordable housing development, including priority in the federal low income housing tax credit program

Increases loan-to-cost ratios to 95% for minority-, women-, and veteran-owned businesses (up from 90%) and allows letters of credit as alternatives to traditional performance bonds for security requirements

Reduces payment-in-lieu-of-taxes cap from 20% of annual gross revenue to 10% of annual net revenue (total revenue minus utility expenses and federal subsidies) for tax-exempt housing projects

Eliminates the requirement for municipalities to adopt a resolution certifying need before affordable housing projects can receive agency financing, and allows mortgage prepayment without penalty after 10 years