Housing (Housing Finance) in New Jersey

in committee · New Jersey · General Assembly Jan 13, 2026

A 1229: Provides municipality with affordable housing credit toward its municipal fair share housing obligation for funds transferred to the New Jersey Affordable Housing Trust Fund pursuant to P.L.2008, c.46.

This bill allows New Jersey municipalities to earn credits toward their state-mandated affordable housing requirement by transferring unspent development fees to the New Jersey Affordable Housing Trust Fund. Specifically, if a municipality fails to spend collected fees within four years, it must transfer the remaining balance to the state fund and receives one credit per unit toward its housing obligation. The fees - collected from residential developers - must be used for approved affordability programs like down payment assistance, rent subsidies, or low-income unit affordability measures, with no more than 20% allocated to administration. It directly affects all New Jersey municipalities required to meet fair share housing goals under state law.

Topics ✓ Housing

Sub-Topics Affordable Housing Homeownership Housing Finance

in committee · New Jersey · General Assembly Feb 19, 2026

A 4266: Provides tax credit to developers for affordable housing projects in certain neighborhoods.

This bill provides tax credits to developers who build affordable housing projects in designated "distressed neighborhoods" - specifically census tracts within municipalities facing economic hardship where median family income is below 80% of the statewide average. The tax credit applies to qualifying projects in these areas, as defined by the bill's amendments to existing law. Developers must meet specific affordability requirements and operate within neighborhoods identified as needing economic development assistance. The policy directly affects housing developers and aims to incentivize affordable housing construction in targeted communities.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Tax Credits Tax Incentives Affordable Housing Housing Finance Property Taxes

in committee · New Jersey · General Assembly Jan 13, 2026

A 1722: Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.

This bill (A1722) adds $100 million in supplemental funding to New Jersey's Affordable Housing Production Fund, managed by the Department of Community Affairs. The funds will directly support municipalities in completing 100-percent affordable housing projects - where all residential units are reserved for low- and moderate-income households - as defined by existing law. Municipalities will use this money to contract with developers for new housing construction meeting the affordability criteria. The bill takes effect immediately upon passage.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Appropriations Affordable Housing Housing Finance

in committee · New Jersey · General Assembly Jan 13, 2026

A 3508: Requires standards for maximum development costs per unit for project supported by affordable housing trust fund.

This bill (A 3508) requires New Jersey's commissioner to establish maximum development costs per housing unit for projects funded by the state's Affordable Housing Trust Fund. It mandates these cost standards be comparable to federal Low Income Housing Tax Credit Program limits. The commissioner must adopt implementing rules within five months of the bill's enactment. This directly affects developers seeking funding through the Trust Fund, ensuring projects adhere to specified cost limits for affordability.

Topics ✓ Housing

Sub-Topics Affordable Housing Housing Finance Property Development

in committee · New Jersey · Senate Jan 13, 2026

S 1648: Requires DMVA to provide mortgage loan counseling under certain circumstances.

This bill requires New Jersey mortgage lenders to provide a disclosure form with each loan application, informing veterans seeking housing loans under the G.I. Bill (Servicemen's Readjustment Act) that counseling services are available. It mandates the Department of Military and Veterans' Affairs (DMVA) to refer eligible veterans to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) for free mortgage counseling. The counseling must review loan terms, provide G.I. Bill-specific guidance, and include any federally required information. It directly affects veterans in New Jersey applying for G.I. Bill-backed home loans and applies to all residential mortgage lenders originating such loans in the state.

Topics ✓ Housing ✓ Veterans

Sub-Topics Housing Finance Mortgages Veteran Housing

in committee · New Jersey · Senate Jan 13, 2026

S 1824: "New Jersey Neighborhood Homes Investment Act"; establishes gross income tax credit for certain residential development.

This bill creates a tax credit for developers building or renovating affordable housing in New Jersey. It directly affects project sponsors (developers) who construct or substantially renovate qualifying homes sold at affordable prices to eligible homeowners earning 140% or less of the state's median household income. The credit equals the difference between reasonable development costs and the affordable sale price, capped at 35% of development costs or 80% of the state's median new home price. To qualify, projects must be in designated census tracts and certified by the New Jersey Housing Agency, with homes sold as primary residences.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Income Tax Tax Credits Tax Incentives Affordable Housing Housing Finance Property Development

in committee · New Jersey · Senate Feb 5, 2026

S 1756: Establishes New Jersey First-Time Home Buyer Savings Account Program; provides gross income tax benefits for certain contributions to and earnings on assets maintained in accounts established under program.

This bill creates a New Jersey program that allows certified first-time home buyers to open special savings accounts at participating banks or credit unions. Account holders can contribute up to $15,000 per year (with a lifetime limit of $75,000) and earn tax-free growth on those funds, with the account balance capped at $150,000 annually. Funds can only be withdrawn to cover down payments and closing costs for a primary residence purchase, and withdrawals for other purposes require tax reporting. The program is administered by the New Jersey Housing and Mortgage Finance Agency to encourage home ownership through tax-advantaged savings.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Income Tax Homeownership Housing Finance Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 224: Establishes "Police Officer, Firefighter, Public School Teacher, Corrections Officer, and Sanitation Worker Home-buyer Assistance Act"; appropriates $5 million.

New Jersey's S 224 creates a down-payment assistance program for police officers, firefighters, public school teachers, corrections officers, and sanitation workers in designated school districts. It provides $10,000 zero-interest second mortgages (for down payments and closing costs) that are forgiven at 20% per year over five years, contingent on the home remaining the applicant's primary residence. To qualify, applicants must have at least one year of employment in their respective public sector roles and live in a participating neighborhood within an SDA school district. The program is funded by a $5 million state appropriation to the New Jersey Housing and Mortgage Finance Agency.

Topics ✓ Budget & Taxes ✓ Criminal Justice ✓ Education ✓ Housing

Sub-Topics Appropriations Policing Teachers Homeownership Housing Finance Mortgages

in committee · New Jersey · Senate Jan 13, 2026

S 1111: Establishes "Commission on Statewide Affordable Housing Obligations" to determine Statewide need for low and moderate income housing.

This bill establishes a new "Commission on Statewide Affordable Housing Obligations" to assess the state's current and future needs for low- and moderate-income housing. The commission, composed of four legislative appointees (one each from Senate leadership and minority), will evaluate factors like income levels, housing costs, supply, and population to develop statewide calculation methods. It must report its findings to the Governor and Legislature within six months of forming and every five years thereafter. The commission replaces an older municipal assessment process (P.L.1985, c.222) and will determine statewide housing needs, though it does not mandate specific housing construction.

Topics ✓ Housing

Sub-Topics Affordable Housing Housing Finance Property Taxes

in committee · New Jersey · Senate Jan 13, 2026

S 2489: Provides tax credit to developers for affordable housing projects in certain neighborhoods.

This bill (S 2489) creates a state tax credit for developers who build affordable housing projects in designated "distressed neighborhoods" or "deep poverty pockets" in New Jersey. It directly affects developers constructing housing that meets federal low-income standards (affordable to households earning ≤50% of regional median income) within specific census tracts identified as economically distressed. The key mechanism provides a tax credit to offset development costs, targeting areas with high poverty (20%+ poverty rate) or low median family income (≤80% of state average). The credit applies to projects in designated distressed municipalities or specific zones like Garden State Growth Areas, with eligibility defined by the bill's new provisions. The bill amends existing state housing incentive law to add this tax credit mechanism.

Topics ✓ Budget & Taxes ✓ Housing

Sub-Topics Tax Credits Tax Incentives Affordable Housing Historic Preservation Housing Finance

All housing bills