New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill A3425

Introduced

3/7/22

Refer

3/7/22

Report Pass

3/7/22

Caption

Makes $25 million supplemental appropriation to HMFA for Capital Improvement Assistance Program.

Impact

If passed, A3425 will have a significant impact on state laws concerning housing and disaster recovery efforts. The supplemental funding aims to enhance the state's capacity to support vulnerable housing markets by ensuring that properties in distress due to disasters receive the necessary financial backing for repairs and improvements. This commitment from the state emphasizes the government's role in disaster response and recovery, especially in enhancing the living conditions of affected populations.

Summary

Assembly Bill A3425 proposes a supplemental appropriation of $25 million to the New Jersey Housing and Mortgage Finance Agency (HMFA) specifically for the Capital Improvement Assistance Program. This program is designed to provide financial aid for the rehabilitation and physical improvement of affordable housing properties that have suffered damages from natural disasters, with a particular emphasis on areas impacted by Hurricane Ida in 2021. The funds will be issued as loans secured by mortgages and are aimed at revitalizing affected housing properties under defined guidelines, which will be set by the Executive Director of the HMFA.

Contention

While A3425 has garnered support for its intent to help communities recover from disasters, there may be concerns regarding the allocation and management of these funds. Stakeholders may debate how effectively the loans are managed and whether the program adequately addresses the diverse needs of various communities affected by disasters. Additionally, there might be discussions about whether the initial priority given to properties damaged by Hurricane Ida could overshadow other pressing housing issues in different areas, creating a potential for inequity in resource distribution.

Latest NJ A3425 Activity

View All Events: NJ 2022-2023 Regular Session A3425

Companion Bills

NJ S1802

Same As Makes $25 million supplemental appropriation to HMFA for Capital Improvement Assistance Program.

Previously Filed As

NJ A1599

Makes supplemental appropriation of $1 million from General Fund to DEP for capital improvements at Allaire State Park.

NJ S3113

Supplements FY2026 Appropriations Act; makes $10 million off-budget appropriation to NJSHARES - S.M.A.R.T. Program.

NJ A1700

Makes FY 2024 supplemental appropriation of $10 million to State Capitol Joint Management Commission for State Capitol Park Complex.

NJ A2694

Makes supplemental appropriation of $12 million to Village of Ridgewood for drinking water infrastructure improvements related to per- and poly-fluoralkyl substance pollution.

NJ S4246

Establishes Whole-Home Repairs Program in HMFA; appropriates $25 million.

NJ A1874

Makes FY2023 supplemental appropriation of $17 million to DEP for grants for certain lake management activities.

NJ A4697

Makes FY2026 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.

NJ S3863

Makes FY2026 supplemental appropriation of $175 million from General Fund to DHS for Emergency SNAP Replacement Benefits.

NJ A2313

Makes FY2025 supplemental appropriation of $10 million for Unmanned Aircraft Systems Grant Program.

NJ A1675

Makes supplemental appropriation of $1 billion for After School Recreation in Urban Areas.

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