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New Jersey Legislation Would Require 30% of LIHTC Allocation to High-Opportunity Areas

Monday, February 14, 2022 - 1:00PM

A bill pre-filed for introduction in the New Jersey Senate would require the state housing agency to reserve at least 30% of its annual low-income housing tax credit (LIHTC) allocation in the family and senior cycles for properties in certain high-opportunity areas. S. 325 defines those areas as areas meeting a court-settled fair share plan or are subject to a requirement to begin construction under a specific performance clause and located in  areas that meet four requirements. Those requirements include being in a high-performing school district (for family LIHTCs), in a census tract with a lower-than-average poverty rate, within a half-mile of public transportation and within three miles of a series of positive land uses, such as grocery stores and health care facilities.

Learn more about how state legislation and regulation affect affordable housing at the Novogradac 2022 Affordable Housing Conference, April 28-29 in San Francisco.

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