SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 1803

STATE OF NEW JERSEY

DATED:  JUNE 1, 2026

      The Senate Community and Urban Affairs Committee reports favorably Senate Bill No. 1803.

      As reported, this bill revises certain aspects of the New Jersey Housing and Mortgage Finance Agency (agency) laws to encourage participation by certified minority-, women-, and veteran-owned development firms and certified New Jersey nonprofits.  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 directs the agency to promote the preservation of existing affordable housing through certain financing conditional on the extension of a deed restriction.  The bill also makes various procedural changes to help the agency carry out its housing priorities, including through the privatization of public housing and encouraging the participation of conventional lenders in the provision of construction and permanent loans to support the goals of certain federal legislation.

      This bill was prefiled for introduction in the 2026-2027 session pending technical review.  As reported, the bill includes the changes required by technical review, which has been performed.