Requires HMFA to assume administration of affirmative marketing for affordable housing and reduces municipal responsibility.
This bill shifts administration of affordable housing marketing requirements from municipalities to the New Jersey Housing and Mortgage Finance Agency (HMFA). It requires property owners and developers to post specific details about available affordable units - including income categories, bedroom sizes, and lottery dates - on the Housing Resource Center 60 days before lotteries or immediately when applications open. HMFA, not municipalities, will now enforce compliance, levy fines ($5,000-$15,000 for noncompliance), and deposit fines into local affordable housing trust funds. Municipalities must still cooperate with HMFA but lose direct administrative responsibility for these marketing rules.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2024
Committee Review
Floor Vote
Governor
Introduced Feb 1, 2024
Last action Feb 1, 2024
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Feb 1, 2024
General Assembly · Introduced
Introduced in the Assembly, Referred to Assembly Housing Committee
2 primary · 0 co-sponsors
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