SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 3743

STATE OF NEW JERSEY

DATED:  DECEMBER 5, 2024

      The Senate Community and Urban Affairs Committee reports favorably Senate Bill No. 3743.

      This bill revises certain aspects of the laws concerning the New Jersey Housing and Mortgage Finance Agency (agency) to encourage participation by certified minority-, women-, and veteran-owned development firms.  The bill directs the agency to establish incentives and priorities to promote participation by minority-, women-, and veteran-owned businesses, so that a realistic opportunity exists for these firms to successfully participate in providing low- and moderate-income housing options to residents of the State.  The bill also specifically encourages the development of multi-family rental housing and home ownership opportunities for low- and moderate-income families by allowing participating developing firms to satisfy existing bonding requirements through a valid letter of credit or traditional performance bonding.  The bill also makes various procedural changes to help the agency carry out its housing priorities.