A 3508
Requires standards for maximum development costs per unit for project supported by affordable housing trust fund.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires the New Jersey Department of Community Affairs to establish maximum development cost standards per unit for projects receiving funding from the Affordable Housing Trust Fund. These standards will be comparable to those used for the Low Income Housing Tax Credit Program. The commissioner must then create rules to implement these standards, and the bill takes effect six months after enactment.
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