2.As used in P.L.2023, c.67 (C.52:18A-265 et seq.): "Affordable housing project" means development undertaken for the purpose of creating one or more residential structures, whether in the form of detached units or attached units for separate occupancy, in which a substantial percentage of the housing units are provided for a reasonable income range of low- and moderate-income households, as determined by the New Jersey Housing and Mortgage Finance Agency, including any structures or facilities appurtenant or ancillary thereto. "Financially impaired municipality" means any municipality that at the time of the initiation of a project meets one or more of the following conditions: is eligible to receive aid under the "Special Municipal Aid Act," P.L.1987, c.75 (C.52:27D-118.24 et seq.); is
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2. As used in P.L.2023, c.67 (C.52:18A-265 et seq.): "Affordable housing project" means development undertaken for the purpose of creating one or more residential structures, whether in the form of detached units or attached units for separate occupancy, in which a substantial percentage of the housing units are provided for a reasonable income range of low- and moderate-income households, as determined by the New Jersey Housing and Mortgage Finance Agency, including any structures or facilities appurtenant or ancillary thereto. "Financially impaired municipality" means any municipality that at the time of the initiation of a project meets one or more of the following conditions: is eligible to receive aid under the "Special Municipal Aid Act," P.L.1987, c.75 (C.52:27D-118.24 et seq.); is coextensive with a school district which qualified for designation as a "special needs district" pursuant to the "Quality Education Act of 1990," P.L.1990, c.52 (C.18A:7D-1 et seq.); or is unable to satisfy the credit worthiness standards as set forth in the New Jersey Infrastructure Bank's credit policy as determined by the New Jersey Infrastructure Bank. "Fund" means the "Social Impact Investment Fund" established pursuant to subsection a. of section 3 of P.L.2023, c.67 (C.52:18A-267). "Fund manager" means a private professional investment manager selected pursuant to subsection b. of section 3 of P.L.2023, c.67 (C.52:18A-267) to manage and invest the assets of the Social Impact Investment Fund. "Institutional lender" means any bank or trust company, savings bank, national banking association, savings and loan association, credit union, or building and loan association maintaining an office in this State, or any insurance company, community development financial institution certified by the United States Department of the Treasury, or any mortgage banking firm or mortgage banking corporation authorized to transact business in this State. "Letter of understanding" means a notice on a prescribed form from the New Jersey Housing and Mortgage Finance Agency that indicates that the proposed affordable housing project should be considered for a predevelopment loan from the fund. The letter of understanding shall not guarantee or construe that the affordable housing project will receive development financing from the New Jersey Housing and Mortgage Finance Agency. "Predevelopment loan" means a loan for required expenses, other than administrative and construction, that are incurred by qualifying affordable housing developers in the process of, and prior to, securing long-term financing for construction, conversion, preservation, or rehabilitation of an affordable housing project, and that are recoverable once long-term financing is obtained. The purposes for which predevelopment loans may be made include, but are not limited to, the costs of, or the costs associated with: land purchase or options to buy land; options or deposits to buy or preserve existing government-assisted rental housing for the purpose of preserving the affordability of the units; professional services such as architectural, engineering, or legal services; permit or application fees; environmental remediation costs; and bonding, site preparation, related water or sewer development, or material expenses. In addition, the loans may be made for the purpose of extending the time for exercising an option or extending the time period for repayment of an advance previously obtained. These loan funds may be deposited in banks as compensating balances to establish lines of credit for qualifying affordable housing developers. "Qualifying affordable housing developer" means any person, firm, company, corporation, urban renewal entity, or association of persons that has participated in and completed a New Jersey Housing and Mortgage Finance Agency approved emerging developer training and certification program and to which the agency has provided a letter of understanding. "Special purpose vehicle" means an entity that is administered pursuant to an agreement between the State Treasurer and fund manager that is formed solely for the purpose of investing in the purposes enumerated in section 4 of P.L.2023, c.67 (C.52:18A-268). L.2023, c.67, s.2.