Readers my recall a prior post HERE with PR indicating the NJ was going to revise their selection criteria for Low Income Housing Tax Credit projects. The PR said the purpose was to:
"..increase the construction of affordable units in high achieving school districts, encourage the development of mixed income properties and limit further development in areas already containing large amounts of federal and state financed low and moderate income housing."
Today NJ published the draft rule in the New Jersey Register and I have downloaded a copy HERE. Comments will be accepted until August 31st.
A summary on page 12 of the proposed QAP shows these changes related to schools and jobs/housing imbalances:
III. add a new N.J.A.C. 5:80-33.15(a)14iii to provide two points for projects that are fully located within an elementary school district wherein 66 percent or more of the students are either proficient or advanced proficient on the most recent NJ ASK 4 in both math and language arts based on the most recent data available from the New Jersey Department [page=1824] of Education as of the application deadline; and IV. add a new N.J.A.C. 5:80-33.15(a)14iv to provide two points for projects that are fully located within a municipality with fewer housing units than total public and private sector jobs and to provide that, in order to confirm that a project satisfies this point category, the Agency will use the annual average of total public and private sector jobs for the most recent full year available as of the application deadline from the New Jersey Department of Labor and WorkforcePage 36 references the (generous) limit on the concentration of LIHTC units.
Development Quarterly Census of Employment and Wages, Municipal Annual Reports, and the number of housing units according to the most recent available five-year American Community Survey, Table B25001, U.S. Department of the Census as of the application deadline;
17. Projects located in census tracts wherein 30 percent or more of the existing housing units are low income housing tax credit units shall not be eligible for funding unless the following criteria are met:
i. The project must be part of a community revitalization plan;
ii. The project does not add more low-income units to the census tract;
iii. The project plan includes relocation options to higher opportunity areas and mobility counseling assistance for existing residents; and iv. The application includes a municipal resolution that references this paragraph (N.J.A.C. 5:80-33.12(c)17) and supports the allocation of housing tax credits for the development.
Oregon's Qualified Allocation Plan for this year is HERE.
Originally created and posted on the Oregon Housing Blog.