Bill Text: NJ S3378 | 2022-2023 | Regular Session | Amended
Bill Title: Deposits $60 million into Affordable Housing Production Fund from Coronavirus State Fiscal Recovery Fund; appropriates $60 million.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-02-09 - Referred to Senate Budget and Appropriations Committee [S3378 Detail]
Download: New_Jersey-2022-S3378-Amended.html
Sponsored by:
Senator TROY SINGLETON
District 7 (Burlington)
SYNOPSIS
Deposits $60 million into Affordable Housing Production Fund from Coronavirus State Fiscal Recovery Fund; appropriates $60 million.
CURRENT VERSION OF TEXT
As reported by the Senate Community and Urban Affairs Committee on February 9, 2023, with amendments.
An Act 1[relating to conduit financing for affordable housing projects and supplementing P.L.1985, c.222 (C.52:27D-301 et al.)] concerning certain federal funds and the Affordable Housing Production Fund1.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1[1. a. There is established within the "New Jersey Affordable Housing Trust Fund," established pursuant to section 20 of P.L.1985, c.222 (C.52:27D-320), a "Conduit Financing Account" to be administered by the commissioner to facilitate, notwithstanding any law, rule, or regulation to the contrary, conduit financing for affordable housing projects in the State in order to expedite project completion. The commissioner shall annually by February 28 conduct a survey of affordable housing developers in the northern, central, and southern areas of the State to determine the number of current or proposed affordable housing projects that, though viable, lack complete financing and would benefit from the availability of conduit financing. After analyzing the results of the survey, the commissioner shall develop conduit financing priorities and detail the types and amounts of financial assistance and technical assistance that the commissioner will make available to developers from the account in the following State fiscal year. The commissioner shall by May 1 each year publish the conduit financing priorities on the department's Internet website and publish applications for financial assistance and technical assistance for the following State fiscal year.
b. (1) The commissioner shall annually from May 1 through September 15 accept applications for financial assistance from qualified developers and applications for technical assistance from qualified developers and municipalities.
(2) The commissioner shall evaluate each application and the individual affordable housing projects that would benefit from the availability of conduit financing, and shall rank projects in each of the northern, central, and southern areas of the State in order of priority based on: the amount of State financial assistance and technical assistance required; the number of affordable units to be created by completion of the project; the per unit conduit financing costs; the need for affordable housing in the municipality in which the project is located; the financial soundness and overall viability of the affordable housing project; and other factors to be determined by the commissioner.
(3) The commissioner shall award financial assistance and technical assistance to qualified developers and municipalities based on the conduit financing priorities for that State fiscal year and the availability of moneys in the account.
c. The commissioner, in consultation with the executive director of the New Jersey Housing and Mortgage Finance Agency, shall adopt, pursuant to the "Administrative Procedure Act," P.L. 1968, c.410 (C.52:14B-1 et seq.), rules and regulations governing the: qualifications of applicants; application procedures; and criteria for awarding financial assistance and technical assistance. The rules and regulations shall include standards for establishing the amounts, terms, and conditions of each award, and the processes and documentation requirements for granting a waiver.
d. As used in this section:
"Account" means the Conduit Financing Account established pursuant to subsection a. of this section.
"Affordable housing project" means a residential housing development in which a substantial percentage of the housing units are provided for a reasonable income range of low and moderate income households.
"Commissioner" means the Commissioner of Community Affairs.
"Conduit financing" means financing that raises capital through the issuance of tax-exempt bonds to fund affordable housing project construction that benefits housing affordability in the State and the general public.
"Department" means the Department of Community Affairs.
"Financial assistance" means a loan guarantee for an affordable housing project.
"Technical assistance" means guidance and support provided to an affordable housing developer or a municipality to enable the developer or municipality to meet policy and regulatory requirements for the issuance of municipal tax-exempt bonds for conduit financing of an affordable housing project. "Technical assistance" may include grants to third-party consultants that provide such guidance and support and may also include a waiver of restrictions against conduit financing.
"Waiver" means a waiver of restrictions against conduit financing under any program administered by the commissioner, the department, or the New Jersey New Jersey Housing and Mortgage Finance Agency, established pursuant to P.L.1983, c.530 (C.55:14K-1 et seq.), to the extent that granting such a waiver does not conflict with federal law.]1
1[2.] 1.1 1[a.]1 From the amounts available and uncommitted in the 1["New Jersey Affordable Housing Trust Fund," established pursuant to section 20 of P.L.1985, c.222 (C.52:27D-320)] State's "Coronavirus State Fiscal Recovery Fund," established pursuant to the federal "American Rescue Plan Act of 2021," Pub.L.117-2 or, at the discretion of the State Treasurer, from amounts of any other appropriate and uncommitted federal funds available to the State1, there is 1[deposited] appropriated for deposit1 into the 1[Conduit Financing Account] Affordable Housing Production Fund1, established pursuant to 1[section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill)] P.L.2022, c.491, $60,000,000 1[to provide financial assistance and technical assistance for affordable housing projects that would be viable and financially sound with financial assistance provided from the account]1.
1[b. If amounts available and uncommitted in the "New Jersey Affordable Housing Trust Fund," established pursuant to section 20 of P.L.1985, c.222 (C.52:27D-320) are insufficient to meet the requirements of subsection a. of this section, the Commissioner of Community Affairs may submit a request for appropriations from State and federal sources to the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee, or the chairs of the successor committees.]1
1[3.] 2.1 This act shall take effect immediately.
