Requires HMFA to establish affordable housing insurance pilot program; appropriates $5 million.*

S 1415 creates a pilot program requiring New Jersey's Housing and Mortgage Finance Agency (HMFA) to establish an Affordable Housing Insurance Fund. It directly affects for-profit affordable housing entities that receive federal Low Income Housing Tax Credits, providing financial assistance for insurance premiums on eligible housing projects (like new developments using tax credits or existing properties facing 50%+ premium increases). The bill appropriates $5 million from the General Fund to cover up to $250 per unit annually or $1 million per project, with the program running for up to 20 years. The fund will use interest earnings from investments and fees collected, and HMFA must report on the pilot's success after completion.