Effective Date: August 7th, 2024
Key points:
Streamlined Application Process: The Division of Housing is required to accept applications for affordable housing programs quarterly, beginning at the start of each state fiscal year. Applications must be reviewed promptly, with any requests for additional information issued within 10 calendar days after the application period closes. Final decisions on applications are to be made within 45 days of receiving completed submissions.
Enhanced Reporting Requirements: The Division must include specific information in its annual public report, such as the number of applications approved, denied, and pending; the amounts of money awarded and applied for but not granted; and details regarding the housing development grant fund, including fund balances and expenditures from the preceding year.
Clarification of City Authority in Housing Projects: The bill amends the "City Housing Law" to explicitly authorize cities to acquire, own, lease, manage, operate, maintain, or contract for the management, operation, and maintenance of housing projects. This clarification ensures cities have the necessary authority to engage in various aspects of housing project administration.
Simplification of Property Tax Exemption Applications: Community land trusts or nonprofit affordable homeownership developers with subdivided properties can now submit a single application and annual report for property tax exemptions. This streamlines the process, reducing administrative burdens and improving efficiency.
These reforms aim to improve the administration of affordable housing programs, promote transparency, and empower local governments and organizations to effectively address housing needs within their communities.
