Bill Text: NJ S3469 | 2024-2025 | Regular Session | Introduced
Bill Title: Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-06-20 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S3469 Detail]
Download: New_Jersey-2024-S3469-Introduced.html
Sponsored by:
Senator TROY SINGLETON
District 7 (Burlington)
SYNOPSIS
Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to the annual appropriations act for the fiscal year ending June 30, 2024, P.L.2023, c.74.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.2023, c.74, the annual appropriations act for the fiscal year ending June 30, 2024, there is appropriated from the General Fund the following amount for the purpose specified:
22 DEPARTMENT OF COMMUNITY SERVICES
40 Community Development and Environmental Management
41 Community Development Management
GRANTS-IN-AID
02-8020 Housing Services ............................................. $100,000,000
Total Grants-In-Aid appropriation,
Community Development Management ..... $100,000,000
Grants-In-Aid:
Special Purpose:
02 Affordable Housing Production Fund....... ($100,000,000)
The amount hereinabove appropriated for the Affordable Housing Production Fund, established pursuant to P.L.2022, c.49, shall be utilized to provide grants to municipalities to contract with developers for the completion of 100-percent affordable housing projects.
2. This act shall take effect immediately.
STATEMENT
This bill provides a supplemental appropriation of $100 million to the Affordable Housing Production Fund (fund) in the Department of Community Affairs. The purpose of the fund is to provide financial assistance to municipalities to support the completion of 100-percent affordable housing projects.
The fund was established pursuant to P.L.2022, c.49. Under the law, "100-percent affordable housing project" means an affordable housing project in which 100-percent of the residential units are constructed for occupancy by low- and moderate-income households and that has been identified in a fair share affordable housing obligation judgment of repose entered into by the municipality.
