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New Jersey Bill Would Authorize State to Reallocate Uncommitted Community Development Tax Credits as 4% LIHTCs

Wednesday, December 20, 2023 - 11:29AM

A bill introduced in the New Jersey Assembly would authorize the state to allocate uncommitted portions of seven community development tax incentives to the state housing agency as extra 4% low-income housing tax credits (LIHTCs). A.B. 5900 would permit the state Housing and Mortgage Finance Agency to reallocate those transferable credits to properties that previously received 4% credits and have a financing gap. The community development tax credits from which the reauthorization would come have a combined $11.5 billion cap over nine years.

The interplay of state and federal LIHTCs will be a topic at the Novogradac 2024 Affordable Housing Developers Conference, Jan. 18-19 in Fort Lauderdale, Florida.

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