New Jersey § 52:27d-161

§ 52:27d-161.

a. There is established in the Department of Community Affairs a Resilient Home Construction

Pilot Program for the purpose of providing funding for developers to rehabilitate

existing homes and construct new affordable homes for sale. b. As part of the pilot program, the department shall develop an application process

and promulgate criteria that enables a developer to qualify for funding for the rehabilitation

or construction of homes for sale. Among such other criteria as the department deems necessary, the department shall

require that: (1) the homes rehabilitated or constructed for sale are not located in the 500-year

floodplain or the inland or coastal climate adjusted floodplain, as defined by Department

of Environmental Protection; (2) the homes rehabilitated or constructed are to be sold to households with a gross

household income not to exceed 120 percent of the median gross household income for

households of the same size within the housing region in which the housing is located; (3) the prospective homebuyer is a renter that has been impacted by a storm or natural

disaster that has prompted the governor to declare a state of emergency; or a first-time

homebuyer, including a first-time homebuyer receiving financial assistance from the

agency; (4) the developer include a purchase discount on the home sale price, as established

in accordance with criteria developed by the department; and (5) the homes for sale contain a minimum period of affordability as determined by

the department. c. Funding to successful pilot program applicants shall be provided in a manner determined

by the department and pursuant to an agreement between the department and a successful

pilot program applicant, and shall be conditioned upon compliance with the provisions

of such an agreement as determined by the department. d. As part of the pilot program, the department shall permit local government entities

to apply for funding to provide to developers to rehabilitate existing homes and construct

new, affordable homes for sale, so long as: (1) the application process and criteria

imposed by the local government entity on developers is the same as the criteria developed

pursuant to subsection b. of this section; (2) the local government entity and the

developer enter into an agreement subject to the same requirements as an agreement

pursuant to subsection c. of this section; and that funding to the local government

entity is conditioned upon compliance with the provisions of an agreement as determined

by the department. e. In addition to the funding provided to developers pursuant to the pilot program,

the department may establish incentives to encourage homebuyers to remain in the homes

developed pursuant to this pilot program, including through the provision of down

payment assistance as a zero-interest forgivable loan for homebuyers who are not eligible

or do not qualify for down payment assistance through other State programs including

the program established pursuant to section 2 of P.L.2023, c. 78 ( C.55:14K-105 ). f. For the purpose of determining the amount of purchase discount, provided pursuant

to paragraph (4) of subsection b. of this section, the department shall establish

a sale price, pursuant to an appraisal conducted by a professional appraiser hired

by the department.