4. a.
(1)Beginning on the effective date of P.L.2025, c.111 (C.55:14K-106 et al.), the agency shall sell up to $500,000,000 in tax credits over the course of no more than six years.
(2)The competitive auctions shall be conducted in a manner consistent with the processes set forth in section 24 of P.L.2020, c.156 (C.34:1B-292), as determined by the agency. The agency shall be permitted to join or be added to any contracts that the New Jersey Economic Development Authority has utilized for its auctions, although auctions held for the purposes of administering P.L.2025, c.111 (C.55:14K-106 et al.) shall not be counted towards the limitation imposed pursuant to subsection d. of section 24 of P.L.2020, c.156 (C.34:1B-292) and the requirement on purchasers under paragraph (3) of subsection b.
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4. a. (1) Beginning on the effective date of P.L.2025, c.111 (C.55:14K-106 et al.), the agency shall sell up to $500,000,000 in tax credits over the course of no more than six years. (2) The competitive auctions shall be conducted in a manner consistent with the processes set forth in section 24 of P.L.2020, c.156 (C.34:1B-292), as determined by the agency. The agency shall be permitted to join or be added to any contracts that the New Jersey Economic Development Authority has utilized for its auctions, although auctions held for the purposes of administering P.L.2025, c.111 (C.55:14K-106 et al.) shall not be counted towards the limitation imposed pursuant to subsection d. of section 24 of P.L.2020, c.156 (C.34:1B-292) and the requirement on purchasers under paragraph (3) of subsection b. of section 24 of P.L.2020, c.156 (C.34:1B-292) shall not apply. The agency shall deposit funds received at an auction pursuant to this subsection minus those reserved for administrative or operational costs into a nonlapsing account established and maintained by the agency for the purposes of administering P.L.2025, c.111 (C.55:14K-106 et al.). (3) The agency shall be limited to selling $100,000,000 in tax credits annually and shall not sell tax credits for less than 80 percent of the tax credit amount. b. (1) (a) Fifty percent of the proceeds deposited into the nonlapsing account created pursuant to paragraph (2) of subsection a. of this section shall be reserved for use by the agency for the purposes of providing financial assistance to create middle-income workforce housing. Fifty percent of the proceeds deposited into the nonlapsing account created pursuant to paragraph (2) of subsection a. of this section shall be reserved for use by the agency for the purposes of providing financial assistance to create low- and moderate-income housing toward the fulfillment of a municipality's current or prior round fair share affordable housing obligation pursuant to the "Fair Housing Act," P.L.1985, c.222 (C.52:27D-301 et al.). (b) The 50 percent set asides established by subparagraph (a) of this paragraph for monies deposited into the nonlapsing account in each program funding year, pursuant to paragraph (2) of subsection a. of this section, shall remain in effect until December 31 of that year. If any funds deposited into the nonlapsing account during that program funding year remain unreserved for qualified projects subject to the set asides after December 31 of the program funding year when the monies are deposited, the set aside shall no longer apply to those funds, which may then be used for any qualified project under sections 4 through 7 of P.L.2025, c.111 (C.55:14K-107 through 55:14K-110). The initial program funding year shall begin on July 1, 2025, and shall conclude on December 31, 2025. Each subsequent program funding year shall conform to the calendar year. (c) In the distribution of proceeds pursuant to this section for the purposes of providing financial assistance to create low- and moderate-income housing toward the fulfillment of a municipality's current or prior round fair share affordable housing obligation pursuant to the "Fair Housing Act," P.L.1985, c.222 (C.52:27D-301 et al.), the agency shall prioritize an application for development that is in a distressed older suburban municipality, as defined in section 3 of P.L.2025, c.111 (C.55:14K-106). (d) Housing created pursuant to this section may include, but shall not be limited to, new construction or the rehabilitation or construction of residential units within multiple dwellings. (e) Following the enactment of P.L.2025, c.111 (C.55:14K-106 et al.), the agency shall promptly and actively promote the middle-income workforce housing component of the housing program established pursuant to this section to ensure that a substantial range of potential applicants to obtain funding to provide middle-income workforce housing are made aware of the program. The promotion efforts of the agency shall include, but shall not be limited to: the provision of information sessions on the program and application process and the provision of technical assistance to applicants in completing the application process. (2) The agency shall promulgate guidelines for a housing program to fulfill the purposes of this section within 90 days following the effective date of P.L.2025, c.111 (C.55:14K-106 et al.) to govern the application and award processes for qualified projects seeking funds deposited under P.L.2025, c.111 (C.55:14K-106 et al.). In addition to any other eligibility requirements that the agency deems appropriate, the project financing subsidy authorized under this section shall only be made available to projects in receipt of a Four-Percent Low Income Housing Tax Credit administered by the agency. (3) The agency may utilize up to five percent of the proceeds to reimburse for administrative and operational costs, including contracts necessary to hold the auction. L.2025, c.111, s.4.