34:1B-335.1 Program applications, "New Jersey Aspire Program Act".
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14. a.
(1)Except as otherwise provided in subsection b. of this section, all program applications completed after the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.) shall be subject to the "New Jersey Aspire Program Act," sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), as amended as supplemented by P.L.2023, c.98 (C.34:1B-335.1 et al.), including the rules and regulations adopted pursuant to subsection b. of section 67 of P.L.2020, c.156 (C.34:1B-335).
(2)Except as otherwise provided in subsection b. of this section, all program applications completed on or before the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.) shall be subject to the provisions of the "New Jersey Aspire Program Act," sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), as such provisions remained in effect immediately before the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), including the rules and regulations adopted pursuant to subsection a. of section 67 of P.L.2020, c.156 (C.34:1B-335).
b. Notwithstanding any provision of P.L.2020, c.156 (C.34:1B-269 et al.) to the contrary, if a completed application for a residential project is submitted to the authority on or before the 121st calendar day next following effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), the applicant for the residential project has received all applicable approvals pursuant to the "Municipal Land Use Law," P.L.1975, c.291 (C.40:55D-1 et seq.) on or before the 121st calendar day next following the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), and the applicant submits written notice to the authority, before the authority's approval or denial of the application, electing for the application to be governed under the provisions of this subsection, then the residential units constructed for occupancy by low- and moderate-income households within the residential project shall not be subject to the affordability controls adopted by the authority, in consultation with the agency, pursuant to paragraph
(2)of subsection a. of section 56 of P.L.2020, c.156 (C.34:1B-324) and subsection b. of section 67 of P.L.2020, c.156 (C.34:1B-335). In this event, the application for the residential project shall be reviewed, approved, and administered in accordance with the provisions of the "New Jersey Aspire Program Act," sections 54 through 67 of P.L.2020, c.156 (C.34:1B-322 through 34:1B-335), as such provisions remained in effect immediately before the effective date of P.L.2023, c.98 (C.34:1B-335.1 et al.), including the rules and regulations adopted pursuant to subsection a. of section 67 of P.L.2020, c.156 (C.34:1B-335), except that the application shall be subject to:
(1)the determination of a reasonable and appropriate return on investment, as defined in section 55 of P.L.2020, c.156 (C.34:1B-323), as amended by P.L.2023, c.98 (C.34:1B-335.1 et al.); and
(2)the limitation on tax credit awards set forth in subsection b. of section 61 of P.L.2020, c.156 (C.34:1B-329) and subsection g. of section 65 of P.L.2020, c.156 (C.34:1B-333), respectively, as amended by P.L.2023, c.98 (C.34:1B-335.1 et al.).
L.2023, c.98, s.14.