Requires NJHMFA to allocate certain portion of federal low-income housing tax credits to certain high-opportunity areas.
Impact
The bill's provision aims to amend the current LIHTC distribution framework by promoting equitable housing opportunities and ensuring that a measurable portion of tax credits supports communities facing economic challenges. By allocating a significant percentage of credits to projects in high-opportunity neighborhoods, the legislation seeks to encourage the development of affordable housing in regions that typically offer better access to education, health care, and employment, thereby improving the overall quality of life for residents. The NJHMFA would implement these changes, ensuring the projects adhere to fair share plans set by the courts.
Summary
Assembly Bill A2759 aims to enhance the allocation of federal low-income housing tax credits (LIHTCs) by requiring the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to reserve at least 30 percent of these credits for certain qualified projects situated in high-opportunity areas. Specifically, the bill targets areas with high-performing public schools, locations with poverty rates below the state average, and regions within close proximity to public transportation and essential services. This strategy is intended to improve access to affordable rental housing in desirable neighborhoods while fostering community development through better living conditions for low-income families.
Contention
Nonetheless, the bill does face discussions regarding its implications on community resource allocation. Some stakeholders may express concern that reserving tax credits exclusively for high-opportunity areas may inadvertently overlook equally deserving underserved neighborhoods that lack the same resources and opportunities, thus perpetuating disparities in housing access. Furthermore, there may be questions about the criteria for defining high-opportunity areas and how this designation could impact the distribution of housing resources across more diverse geographic regions. As such, the debate surrounding A2759 revolves around the balance between enhancing opportunities for low-income tenants and the equitable distribution of housing resources.
Relating to a set-aside of low income housing tax credits for at-risk housing developments and to the allocation of housing tax credits to those developments and certain other developments.
Creates nonpublic school transportation program; requires consortiums of nonpublic schools to assume responsibility for mandated nonpublic school busing.
Creates nonpublic school transportation program; requires consortiums of nonpublic schools to assume responsibility for mandated nonpublic school busing.