New Jersey 2024-2025 Regular Session

New Jersey Senate Bill S3469

Introduced

6/20/24

Refer

6/20/24

Caption

Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.

Impact

The funding provided by this bill is expected to facilitate the construction of residential units specifically designated for low- and moderate-income families. By allocating significant financial resources to the Affordable Housing Production Fund, the bill seeks to ensure that municipalities can hire developers to create housing that meets essential fair share affordable housing obligations. This funding aims to alleviate some of the pressure on local housing markets and improve access to affordable living options for vulnerable populations.

Summary

Senate Bill S3469 proposes a supplemental appropriation of $100 million to the Affordable Housing Production Fund within the Department of Community Affairs (DCA) of New Jersey. The bill aims to support municipalities in the completion of 100-percent affordable housing projects. This initiative responds to ongoing discussions and concerns about the need for more affordable housing options for low- and moderate-income households, which is a critical issue in New Jersey's housing market.

Contention

Among the points of contention surrounding bill S3469 is the debate over the sufficiency of funding for affordable housing projects in the state. Critics may argue that while the $100 million appropriation is a step in the right direction, it may not be adequate to cover the vast needs across various municipalities, especially in areas heavily burdened by economic challenges. Additionally, discussions may arise regarding the selection process for municipalities and developers benefiting from the grants, with advocates pushing for transparency and accountability to ensure the funds are used effectively.

Latest NJ S3469 Activity

View All Events: NJ 2024-2025 Regular Session S3469

Companion Bills

NJ A4691

Same As Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.

Previously Filed As

NJ A1722

Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.

NJ A1206

Reduces term of affordability required for affordable housing created through middle housing construction or conversion.

NJ S2723

Appropriates $125 million for creation of affordable housing to restore diversions from "New Jersey Affordable Housing Trust Fund."

NJ A2246

Appropriates $125 million for creation of affordable housing to restore diversions from "New Jersey Affordable Housing Trust Fund."

NJ S4372

"Affordable Housing Insurance Stabilization Act"; establishes program within HMFA to provide financial assistance to qualified affordable housing property experiencing material insurance cost increases; appropriates $25 million.

NJ S3103

Dedicates 50 percent of revenues collected from additional fees and taxes imposed on real property transfers valued over $1 million to Affordable Housing Trust Fund.

NJ A4266

Provides tax credit to developers for affordable housing projects in certain neighborhoods.

NJ SB145

Housing Trust Fund & Affordable Housing

NJ S2489

Provides tax credit to developers for affordable housing projects in certain neighborhoods.

NJ SB144

Affordable Housing Act Funding

Similar Bills

MD SB282

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MD HB390

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MD HB0390

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MD HB350

Budget Bill (Fiscal Year 2026)

MD SB319

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