New Jersey

Proposed amendments, a new rule, re-proposed amendments, re-proposed new rules, and a re-proposed repeal to the 2013 Qualified Allocation Plan were published in the New Jersey Register on March 18, 2013.

State Legislation to expand access to affordable housing for New Jersey veterans was signed into law on Monday by Governor Chris Christie.

The Internal Revenue Service (IRS) has announced that government entity issuers of tax-exempt bonds affected by Hurricane Sandy may qualify for additional time to file Form 8038 or Form 8038-T returns.

HUD has released information about resources and tools available to assist partners in dealing with the damage caused by Hurricane Sandy at HUD-assisted properties.

Due to the widespread devastation caused by Hurricane Sandy, the President has declared that major disasters exist in Connecticut, New York and New Jersey. In a press release on November 5, the Internal Revenue Service (IRS) announced that the agency will waive certain low-income housing tax credit (LIHTC) rules in order to allow owners of low-income housing to provide temporary shelter to victims of Hurricane Sandy who do not qualify as low-income.

The Internal Revenue Service (IRS) announced in Revenue Procedure 2012-41 that it has set the inflation-adjusted State credit ceiling for the Low-Income Housing Tax Credit (LIHTC) program and private activity bond caps for calendar year 2013.

The Internal Revenue Service (IRS) recently published Revenue Procedure 2012-42, which indicates the amounts of unused Low-Income Housing Tax Credit (LIHTC) carryovers for 2012. These carryovers, which amounts to nearly $2.43 million in unused credits, have been allocated to 34 states.

Due to a high volume of substantial comments, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) is planning amend its Qualified Allocation Plan, which will trigger a re-proposal and a delay in adoption.

Extension to Spend Affordable Housing Money
The New Jersey Senate recently passed a bill (S. 2011) which extends the amount of time municipalities have to commit fees and payments-in-lieu of constructing affordable units from four to six years.

U.S. Senator Kirsten Gillibrand (D-NY) recently introduced the Irene and Lee Tax Relief Storm Recovery Act (S. 3243) which would expand access to the LIHTC and provide affordable housing to families who lost their homes due to destruction caused by Hurricane Irene and Tropical Storm Lee.

The New Jersey Housing and Mortgage Finance Agency (HMFA) is proposing amendments to the state’s QAP that would provide more incentives for the development of homeless family units, encourage development of mixed-income properties, and limit development in areas already containing a large number of LIHTC properties.

Representative Chris Gibson (R-NY) recently introduced the Irene and Lee Tax Relief Strom Recovery Act, H.R. 3769, which would increase the amount of Low-Income Housing Tax Credits (LIHTCs) to be allocated in states damaged by Hurricane Irene or Tropical Storm Lee in 2011.