Establishes a program to provide financial assistance to affordable housing properties facing significant insurance cost increases.
The Affordable Housing Insurance Stabilization Act creates a program within the New Jersey Housing and Mortgage Finance Agency to offer financial aid to affordable housing properties experiencing substantial insurance cost hikes. The program prioritizes properties serving low-income households, those with expiring affordability restrictions, and those at risk of financial distress. Recipients must first exhaust project reserves, attempt to secure market-rate insurance, and certify financial need.
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