On June 20, 2013, a bipartisan resolution, ACR193, sponsored by Assemblywomen Mila M. Jasey, Nancy F. Muñoz,Annette Quijano and Valerie Vainieri Huttlethat expresses support for two federal programs that could provide financial assistance for the creation or rehabilitation of housing for lower income households affected by Super Storm Sandy was approved by the General Assembly 74-0-0.
The resolution, ACR-193, memorializes Congress to support efforts to increase the allocation of Low Income Housing Tax Credits and New Market Tax Credits in declared Hurricane Sandy disaster areas under the Hurricane Sandy Tax Relief Act of 2013. The resolution was co-sponsored by Assembly members Troy Singleton, Madeline Caride and John F. Mckeon. We are very grateful to the seventy-four members of the Assembly who voted in favor of ACR-193.
“Passage of the federal Hurricane Sandy Tax Relief Act is critical to New Jersey’s rebuilding efforts, especially as it pertains to lower income households,” said Muñoz, R-Union, Morris and Somerset. “So many lost so much to this devastating storm, but Sandy was especially disastrous for lower income families who do not have the means to rebuild. The tax credits made available under this program will help spur job creation and other necessary improvements in an effort to help residents of low-income communities get back on their feet.
The “Hurricane Sandy Tax Relief Act of 2013” would provide an increased disaster allocation of Low-Income Housing Tax Credits (LIHTC) by increasing the per capita rate to $8, provide $250 million in New Markets Tax Credits (NMTC) and provide tax-exempt bonds for Sandy-impacted areas.