Governor Murphy has signed A-5596/S-3991 establishing the Urban Preservation Program to promote investments in rehabilitation and reconstruction projects dedicated to preserving affordable housing in urban areas.
The newly created Urban Preservation Fund provides funding for the purposes of rehabilitating at least 50% of the dwelling units within certain multiple dwellings to be used as affordable housing and renovating and preserving existing affordable housing units nearing the end their affordability control periods established in accordance with the “Fair Housing Act.”
The preservation program would also enable the New Jersey Housing and Mortgage Finance Agency (HMFA) to allocate available funding for the construction of a multiple dwelling within an urban preservation municipality to replace an existing multiple dwelling used for affordable housing, provided that the number of affordable housing units in the new development is no less than the those in the existing multiple dwelling.
Preservation program funding would be exclusively for use in “urban preservation municipalities,” to be designated in accordance with criteria established in HMFA regulations.
Contact: Frank Marshall, Esq., Associate General Counsel, email@example.com, 609-695-3481, x137.