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NJ A5501
Bill
Status
3/24/2025
Primary Sponsor
Yvonne Lopez
Click for details
AI Summary
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Directs the Commissioner of Community Affairs to establish maximum per-unit development cost standards for projects funded through the New Jersey Affordable Housing Trust Fund
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Requires the per-unit cost standards to be comparable to those used by the New Jersey Housing and Mortgage Finance Agency for the federal Low Income Housing Tax Credit Program
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Mandates the commissioner adopt implementing rules and regulations within five months of enactment
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Takes effect on the first day of the sixth month following enactment and applies to funding commitments made on or after that date
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Prohibits projects receiving trust fund assistance from exceeding the established per-unit development cost standards
Legislative Description
Requires standards for maximum development costs per unit for project supported by affordable housing trust fund.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
3/24/2025