"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.

This bill creates a program within the New Jersey Housing and Mortgage Finance Agency to help affordable housing properties facing significant insurance rate hikes. To qualify for financial aid, a property must experience a cumulative insurance cost increase of at least 40% within 24 months and demonstrate that it has exhausted its own savings. The $25 million fund established by the bill will provide grants of up to $250 per unit annually, with a maximum of $1 million per project, to cover these increased costs. Recipients of the funds must agree to keep the buildings safe and compliant, maintain affordability restrictions, and submit annual reports on how the money was used. The program prioritizes housing for very low-income families, those with disabilities, and properties facing financial distress or expiring affordability rules.