Current through Register Vol. 56, No. 24, December 18, 2024
(a)
Eligible activities shall include those activities listed below:
1. Rehabilitation of substandard housing
units occupied or to be occupied by low and moderate income
households;
2. Creation of
accessory apartments to be occupied by low and moderate income
households;
3. Conversion of
nonresidential space to residential purposes provided more than 20 percent of
the resulting housing units are to be occupied by low and moderate income
households;
4. Acquisition of real
property; demolition and removal of buildings; or construction of new housing
that will be occupied by low and moderate income households, or any combination
thereof;
5. Grants of assistance to
eligible municipalities for costs of necessary studies, surveys, plans and
permits, engineering, architectural and other technical services, cost of land
acquisition and any buildings thereon, and cost of site preparation, demolition
and infrastructure development for projects undertaken pursuant to an approved
Regional Contribution Agreement;
6.
Assistance to a local housing authority, nonprofit or limited dividend housing
corporation or association, or a qualified entity acting as a receiver under
P.L.
2003, c. 295
(N.J.S.A. 2A:42-114 et al.), for rehabilitation or
restoration of housing units which it administers which:
i. Are unusable or in a serious state of
disrepair;
ii. Can be restored in
an economically feasible and sound manner; and
iii. Can be retained in a safe, decent and
sanitary manner, upon completion of rehabilitation or restoration;
and
7. Other related
activities that produce housing for low and moderate income housing including,
without limitation:
i. Infrastructure
projects directly facilitating the construction of low and moderate income
housing not to exceed a reasonable percentage of the construction costs of the
low and moderate income housing; and
ii. Alteration of dwelling units occupied or
to be occupied by households of low or moderate income and the common areas on
the premises in which they are located in order to make them habitable for low
and moderate income households with handicapped persons.
(b) A proposed activity shall only
be considered eligible if the units produced meet the criteria necessary at
N.J.A.C. 5:94 to qualify for credit from the Council on Affordable
Housing.
(c) The required
affordable portion of any mixed income/use development that is part of a
COAH-approved Fair Share Housing plan or a court-approved judgment of repose or
judgment of compliance, shall be eligible for Balanced Housing funding provided
that the applicant can conclusively demonstrate that the market rate
residential and/or commercial units are unable to internally subsidize the
affordable units and the affordable units are developed contemporaneous to the
commercial and market rate residential units.
1. A project will be considered eligible for
funding if 100 percent of the units are affordable and if the project is not
identified, by sale or transfer or any other means, with an inclusionary
development.
(d)
Balanced Housing funds shall not be used for the sole purpose of converting
public housing to homeownership.
(e) Balanced Housing funds shall not be used
for the payment of court ordered judgments or governmentally imposed fines
levied against subject properties.
