New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 43 - NEIGHBORHOOD PRESERVATION BALANCED HOUSING PROGRAM
Subchapter 1 - GENERAL PROVISIONS
Section 5:43-1.1 - Purpose

Universal Citation: NJ Admin Code 5:43-1.1
Current through Register Vol. 56, No. 18, September 16, 2024

The purpose of the Neighborhood Preservation Balanced Housing Program is to provide municipalities, for-profit and non-profit developers with financial assistance needed to spur the development of affordable housing across the State, in conformance with the State Development and Redevelopment Plan and in fulfillment of Section 20 of the Fair Housing Act of 1985, as amended. The Balanced Housing subsidy provides a critical source of gap financing for affordable housing projects whose other sources of public subsidy and private financing are not sufficient to sustain economic viability. The Program's subsidy formula is responsive to increases in the cost of land and construction. The Program is established to support the construction and preservation of permanent, high quality, location efficient affordable housing that meets the demand for units affordable to low and moderate income families and individuals residing in New Jersey.

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