"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.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
The Affordable Housing Insurance Stabilization Act creates a program within the New Jersey Housing and Mortgage Finance Agency (HMFA) to provide financial assistance to qualified affordable housing properties experiencing significant increases in their insurance costs. The program will provide up to $250 per unit and $1,000,000 per project annually, prioritizing properties serving low-income households, with expiring affordability restrictions, or facing financial distress. The bill also appropriates $25 million to establish a dedicated fund for this program.
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