Requires standards for maximum development costs per unit for project supported by affordable housing trust fund.

This bill requires New Jersey's Commissioner of Community Affairs to establish maximum development costs per housing unit for projects receiving funding from the New Jersey Affordable Housing Trust Fund. The cost standards must match those used for the federal Low Income Housing Tax Credit Program. Developers of affordable housing projects using these trust fund dollars will be subject to these cost limits, which the commissioner must implement through rules within five months of the bill's enactment. The standards will apply to all new funding commitments made six months after the bill becomes law.