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NJ S4599
Bill
Status
6/9/2025
Primary Sponsor
Troy Singleton
Click for details
AI Summary
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Establishes a Workforce Housing Assistance Program providing State matching grants of up to $10,000-$15,000 per employee for employer-provided down payment assistance, plus low-interest mortgage loans for middle-income workers purchasing homes in New Jersey
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Provides tax credits equal to 25% of employer contributions toward employee down payments (capped at $500,000 annually), with an additional 10% credit for small employers with fewer than 50 employees
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Offers tax credits up to 15% of project costs for qualified employers who convert underutilized commercial properties into workforce housing projects, with a required 20% set-aside for low- and moderate-income units
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Appropriates $55 million total: $50 million for the Workforce Housing Assistance Program Fund and $5 million for a Workforce Housing Impact Relief Program providing grants to long-term homeowners in municipalities affected by workforce housing development
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Accelerates permit processing timelines by 15 days for developments where at least 40% of units are workforce housing, and prioritizes municipal transportation funding for municipalities that adopt ordinances permitting accessory dwelling units and mixed-use development
Legislative Description
"New Jersey Workforce Housing Partnership Act"; incentivizes homebuyer assistance to certain employees, provides tax credits for development of certain workforce housing, and provides certain assistance and affordability protections for middle-income residents; appropriates $55 million.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
6/9/2025