Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
Senator NICHOLAS P. SCUTARI
District 22 (Middlesex, Somerset and Union)
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
Assemblywoman ANNETTE QUIJANO
District 20 (Union)
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Co-Sponsored by:
Senators Ruiz, Singleton, Pou, Assemblywoman Lopez, Assemblyman Caputo and Assemblywoman Jasey
SYNOPSIS
Makes $25 million supplemental appropriation to HMFA for Capital Improvement Assistance Program.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 2022 and regulating the disbursement thereof," approved June 29, 2021 (P.L.2021, c.133).
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.2021, c.133, the annual appropriations act for the fiscal year ending June 30, 2022, there is appropriated from the General Fund the following amount for the purposes specified:
22 DEPARTMENT OF COMMUNITY AFFAIRS
40 Community Development and Environmental Management
41 Community Development Management
GRANTS-IN-AID
02-8020 Housing Services ............................................... $25,000,000
Total Grants-in-Aid Appropriation,
Community Development Management ....... $25,000,000
Grants-in-Aid:
Special Purpose:
02 HMFA Capital Improvement Assistance Program ($25,000,000)
The amount hereinabove appropriated for HMFA Capital Improvement Assistance Program is appropriated to the New Jersey Housing and Mortgage Finance Agency (“HMFA”) and shall be made available as loans, secured by mortgages, to finance rehabilitation and physical improvements at selected eligible affordable housing properties needing assistance due to the impacts of natural disasters and other emergent circumstances in accordance with guidelines to be promulgated by the Executive Director no less than 60 days from receipt of the funds; provided, however, that the HMFA may alter such guidelines at a later date. The guidelines shall specify that initial priority is provided to HMFA financed properties that suffered damages from Hurricane Ida in 2021.
2. This act shall take effect immediately.
STATEMENT
This bill makes a supplemental appropriation for fiscal year 2022 of $25 million to the New Jersey Housing and Mortgage Finance Agency to revitalize the Capital Improvement Assistance Program and provide physical improvement assistance to affordable housing properties that have suffered severe damage due to natural disasters and other emergent circumstances, such as Hurricane Ida in 2021.