All Roll Calls
Yes: 190 • No: 30
New JerseyA2267220th Legislature (2024-2025)HouseWALLET
Requires HMFA to establish affordable housing insurance pilot program; appropriates $5 million.*
Sponsored By: Yvonne Lopez (Democratic), Annette Quijano (Democratic), Troy Singleton (Democratic), Brian P. Stack (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Insurance help for affordable housing owners
The law creates a New Jersey pilot to help qualifying for-profit affordable housing owners pay insurance premiums. Annual help is capped at $250 per unit and $1 million per project for bodily injury and property damage coverage. Owners must receive federal low-income housing tax credits, and projects must reserve 100% of units for low- and moderate-income renters. Projects must also meet one of three tests: new construction with traditional state housing agency tax-exempt financing and 4% housing tax credits; existing housing receiving extra agency financing for rehabilitation or disaster recovery; or previously agency-financed housing facing serious cost increases. That last test requires at least a 50% premium increase for the same policy within 24 months, or other extraordinary expenses the agency finds threaten long-term financial health. The new-construction route excludes agency conduit-bond financing and New Jersey Economic Development Authority tax-credit programs. Projects must meet agency insurance and loss-protection standards, plus any ongoing eligibility rules. The law took effect March 20, 2024, allows applications for two years after that date, and requires the pilot to end by March 20, 2044. Assistance goes to housing owners, not renters, and does not guarantee lower rent.
State funds affordable housing insurance help
The law provides $5 million from New Jersey's General Fund for the affordable housing insurance pilot. The state housing agency may add up to $5 million from unused, uncommitted 2021 Risk Share Pilot Program funds. It may also use those remaining funds to support housing for low- and moderate-income families, older adults, and people with specialized housing needs. The insurance fund keeps unspent money, application fees, and investment earnings for the pilot rather than returning them each year. Within six months after the pilot ends, the agency must report its results to the Governor and Legislature, consulting banking and insurance officials.
Housing pilot applicants face fees, claim limits
Affordable housing owners must pay an application fee to seek insurance help through the pilot. The state housing agency sets the amount, which the law does not specify, and deposits fees in the insurance fund. Participating for-profit entities cannot recover damages from the agency, the State, or their officers or employees for pilot-related harm. These rules apply to housing entities, not directly to renters.
Sponsors & Cosponsors
Sponsors
Yvonne Lopez
Democratic • House
Annette Quijano
Democratic • House
Troy Singleton
Democratic • Senate
Brian P. Stack
Democratic • Senate
Cosponsors
Hall, Garnet R.
Affiliation unavailable
Pou, Nellie
Affiliation unavailable
Shanique Speight
Democratic • House
Roll Call Votes
House vote • 3/18/2024
3RDG FINAL PASSAGE
Yes: 61 • No: 15
House vote • 3/18/2024
CONCUR IN SA
Yes: 63 • No: 14
Senate vote • 3/18/2024
3RDG FINAL PASSAGE
Yes: 34 • No: 1
Senate vote • 3/18/2024
AMEND
Yes: 32 • No: 0
Actions Timeline
Approved by Governor — P.L.2024, c.4.
3/20/2024GovernorPassed Assembly, PBH — (63-14-0)
3/18/2024HouseReceived in Assembly, 2RAC
3/18/2024HousePassed Senate — (34-1)
3/18/2024SenateSubstituted for S1415 (SCS)
3/18/2024SenateSA, 2nd Reading in Senate — (32-0) (Singleton)
3/18/2024SenateReceived in Senate, SWR, 2nd Reading in Senate
3/18/2024SenatePassed Assembly — (61-15-0)
3/18/2024HouseREP/ACS, 2nd Reading in Assembly
2/8/2024HouseReported, Referred to Assembly Appropriations Committee
1/29/2024HouseIntroduced, 1st Reading in Assembly, Referred to Assembly Housing Committee
1/9/2024House
Bill Text
Version PL2024
7/31/2024
Version AL2024
7/2/2024
Assembly 3/18/24 1R ACS
3/27/2024
Assembly 3/18/24 ACS
3/19/2024
Assembly Appropriations (2/8/24 ACS)
3/19/2024
Assembly Appropriations Substitute (2/8/24 ACS)
2/9/2024
Assembly Housing (1/29/24 TR)
2/2/2024
Assembly Housing Substitute (1/29/24)
1/30/2024
As Introduced
12/28/2023
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