NJ S4071

Allocates $400 million in tax credits to the New Jersey Housing and Mortgage Finance Agency (HMFA) to be sold through competitive auctions, with proceeds funding middle-income workforce housing for households earning 80-120% of area median income

Limits HMFA to selling no more than $75 million in tax credits annually at a minimum price of 85% of the credit's face value, with up to 5% of proceeds available for administrative costs

Requires projects receiving funding to also obtain Four-Percent Low Income Housing Tax Credits and mandates HMFA publish program guidelines within 90 days of enactment

Allows purchasers of tax credits to apply them against corporate business tax and insurance premium taxes, with unused credits carried forward for up to seven years

Permits one-time transfer of tax credit certificates to other taxpayers at no less than 85% of value, with 10% of transfer proceeds deposited to the State General Fund