TRENTON – The Senate Community and Urban Affairs Committee advanced legislation sponsored by its Chair, Senator Troy Singleton, which would revise certain aspects of the New Jersey Housing and Mortgage Finance Agency (HMFA) laws to encourage participation by certified minority, women, and veteran-owned development firms.

“This bill is a common-sense solution to build critical low and moderate-income housing for residents of the State,” said Senator Singleton (D-Burlington). “By expanding financing opportunities and incentivizing businesses owned by underrepresented groups to come to the table, we are working to solve the housing crisis while creating new opportunities to build wealth within these communities.”

The bill would direct the HMFA to establish incentives and priorities to promote participation by minority, women, and veteran-owned businesses, so that a realistic opportunity exists for these firms to successfully participate in providing low and moderate-income housing options to residents of the State.

“Giving minority, women, and veteran developers incentives to build low and moderate-income housing is imperative to foster inclusive economic growth in New Jersey,” said Senator McKnight (D-Hudson). “Promoting their involvement helps to ensure that housing developments reflect the needs and priorities of a wide range of communities, improving accessibility and equity.”

The bill, S-3743, would also specifically encourage the development of multi-family rental housing and homeownership opportunities for low and moderate-income families by allowing participating developing firms to satisfy existing bonding requirements through a valid letter of credit or traditional performance bonding.

The bill was advanced in an 4-0 vote.

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