ASSEMBLY COMMITTEE SUBSTITUTE FOR

ASSEMBLY, No. 1442

STATE OF NEW JERSEY

ADOPTED MAY 2, 1996

Sponsored by Assemblymen KELLY and DORIA

An Act concerning housing and economic development and supplementing Titles 52 and 55 of the Revised Statutes.

      Be It Enacted by the Senate and General Assembly of the State of New Jersey:

      1. This act shall be known and may be cited as the "Jobs from Housing and Economic Development Act of 1996."

      2. The Legislature hereby finds that:

      a. Economic conditions in New Jersey, along with those in other northeastern states, have been slow to recover from the downturn of the last few years. This sluggish recovery has taken its toll on working families, the unemployed, and the underemployed.

      b. Small businesses and the construction industry are an important source of primary and secondary employment in the State, especially in New Jersey's cities and low income communities.

      c. Small businesses and the construction industry in particular, especially in New Jersey's cities and low income areas, have experienced great difficulty securing private financing because they often do not satisfy conventional underwriting criteria and suffer disproportionately from the general pattern of disinvestment in the cities and low income areas. More needs to be done, therefore, to bolster small business development and expansion within New Jersey's cities.

      d. The lack of capital for housing production, planning and development, construction financing, long-term financing, and project-based rental assistance has served as a major impediment to the production of affordable housing in this State, whether that housing is newly constructed or rehabilitated. As a result, the entire State continues to suffer from a shortage of safe, decent rental and sales housing affordable to low and moderate income households, including housing for the elderly and for disabled persons.

      e. The ability of low and moderate income households, including households with elderly and disabled persons, to purchase housing is limited, in part, by their inability to make down payments and pay closing costs.

      f. The lack of safe, decent, affordable housing discourages job-creating businesses from moving to, and remaining in this State. Because access to safe, decent affordable housing and opportunities for remunerative employment are intimately connected, it is sound policy to seek to address these problems in a manner which is mutually reinforcing.

      g. Experience has shown that nonprofit entities can be efficient and effective producers and managers of low and moderate income housing. Experience also has shown that nonprofit entities can be efficient and effective catalysts for the promotion of private entrepreneurship and small businesses in cities and low income areas.

      h. Accordingly, it is the purpose of this act to promote job creation by providing funding to foster the development of small businesses in New Jersey's cities and low income areas, to provide funds for the construction and rehabilitation of very low, low, and moderate income housing throughout the State, including housing for households with elderly and disabled persons, and to assure the long-term economic viability of such housing, to provide funds for loans, grants and other forms of assistance to low, moderate, and middle income households for down payment and closing costs, and to provide funds to build the capacity of nonprofit entities to construct and rehabilitate low and moderate income housing and foster economic development.

      i. The "Jobs from Housing and Economic Development Bond Act," P.L. , c. (now pending before the Legislature as Assembly Committee Substitute for Assembly Bill No. 1443 of 1996), would provide the financial resources necessary to stimulate the small business sector throughout the State, particularly in the State's cities and low income areas, and thereby promote significant gains in primary and secondary employment in those areas most in need of economic revitalization.

      j. Accordingly, it is the purpose of this act to implement the "Jobs from Housing and Economic Development Bond Act," P.L. , c (now pending before the Legislature as Assembly Committee Substitute for Assembly Bill No. 1443 of 1996) and to establish the terms and conditions for expenditure of funds deposited into the "Jobs from Housing and Economic Development Fund."

      3. As used in this act:

      "Affordable" means, (1) in the case of owner-occupied housing, housing whose sales price is such that households throughout the relevant income range need pay no more than 25 percent of gross household income for principal, interest, insurance, taxes, homeowners association fees and assessments, and fees for sewerage, water and solid waste disposal. Payments required for principal and interest shall be determined on the basis of 95 percent mortgages at rates generally available within the housing market in the relevant housing region; (2) in the case of rental housing, "affordable" means housing whose rents and fees are such that households throughout the relevant income range need pay no more than 30 percent of gross household income for rents and fees, including heat, hot water, gas, electricity, water, sewerage, and solid waste disposal. Affordable housing shall be subject to resale and rental controls to assure that it continues to be reserved for and affordable to very low income households, low income households and moderate income households for at least 30 years.

      "Agency" means the New Jersey Housing and Mortgage Finance Agency established pursuant to section 4 of P.L.1983, c.530 (C.55:14K-4).

      "Authority" means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C. 34:1B-4).

      "Commissioner" means the Commissioner of Community Affairs, unless otherwise indicated.

      "Costs of construction and rehabilitation" means the expenses incurred in connection with: the planning for the development, conversion or rehabilitation of low or moderate income housing; the acquisition by purchase, lease, or otherwise, of land or buildings for the development, conversion or rehabilitation of low or moderate income housing; the preparation of land for development of low or moderate income housing, including the demolition of existing structures on the land; the construction, reconstruction, or rehabilitation of low or moderate income housing; the conversion of buildings for use as low and moderate income housing; the acquisition by purchase, lease, or otherwise, and the development of any real or personal property for use in connection with a project authorized by this act, including any rights or interests therein, the execution of any agreements and franchises deemed by the commissioner to be necessary or useful and convenient in connection with any housing authorized by this act; the procurement of engineering, inspection, planning, legal, accounting, financial, or other professional services, including the services of a bond register or an authenticating agent; the administrative expenses of underwriting, administering, servicing, and collecting loans; the issuance of bonds, or any interest or discount thereon; project-based rental assistance to very low income tenants occupying housing constructed or rehabilitated with loans, grants, or other forms of assistance provided under this act; the administrative, organizational, operating or other expenses incident to the financing, completing, and marketing, counseling prospective purchasers or tenants, selecting purchasers or tenants for, and placing into service of, any housing development constructed or rehabilitated under this act; the issuance of bonds, or any interest or discount thereon; the payment of the fees of independent contractors to perform any of the foregoing functions; the establishment of a reserve fund or funds for working capital, operating, maintenance, or replacement expenses and for the payment or security of principal or interest on bonds, as the Director of the Division of Budget and Accounting in the Department of the Treasury may determine; and reimbursement to any fund of the State of moneys which may have been transferred or advanced therefrom to any fund created by this act, or any moneys which may have been expended therefrom for, or in connection with, this act. No administrative expenses incurred by a department pursuant to this act shall be paid from any fund created pursuant to this act.

      "Costs of fostering the development and growth of small businesses" means the expenses incurred in connection with: planning for the fostering of development and growth of small businesses; the acquisition by purchase, lease, or otherwise, of land or buildings to house small business; the preparation of land for development of buildings to house small businesses, including the demolition of existing structures on the land; the construction, reconstruction, or rehabilitation of buildings to house small businesses; the conversion of existing buildings to house small businesses; the acquisition by purchase, lease, or otherwise, of fixtures, machinery, equipment, and other personal property for the operation of small businesses; the acquisition by purchase, lease, license or otherwise, of patents, copyrights, trademarks, service marks, franchises, and other intangible property for the operation of small businesses; acquisition by purchase, lease, or otherwise of raw materials and inventory; loans or other assistance for working capital; the procurement of engineering, inspection, planning, legal, accounting, financial, graphic design, advertising or other professional services, including the services of a bond register or an authenticating agent; training of current and potential owners of small businesses; development of business and marketing plans; the administrative expenses of underwriting, administering, servicing, and collecting loans; the issuance of bonds, or any interest or discount thereon; payment of the fees of independent contractors to perform any of the foregoing functions; the establishment of a reserve fund or funds for working capital, operating, maintenance, or replacement expenses and for the payment or security of principal or interest on bonds, as the Director of the Division of Budget and Accounting in the Department of the Treasury may determine; and reimbursement to any fund of the State of moneys which may have been transferred or advanced therefrom to any fund created by this act, or any moneys which may have been expended therefrom for, or in connection with, this act. No administrative expenses incurred by a department pursuant to this act shall be paid from any fund created pursuant to this act.

      "Eligible small business" means an entity that:

            a. sells goods or services;

            b. is independently owned and operated;

            c. has no more than 25 employees, provided that the authority may by regulation establish an alternative standard for retail grocery stores;

            d. has its principal place of business in an urban area or a low income area; and

            e. either (1) 51 percent or more of the equity in the business is held by persons residing in the municipality which is the primary place of business or (2) 51 percent or more of the current employees reside in the municipality which is the primary place of business.

            f. is participating or has enrolled in a bona fide entrepreneural training program which includes technical assistance to formulate a small business plan. 

      "Housing region" means "housing region" as that term is or may hereafter be defined pursuant to subsection b. of section 4 of P.L.1985, c.222 (C.52:27D-304).

      "Government securities" means any bonds or other obligations which as to principal and interest constitute direct obligations of, or are unconditionally guaranteed by, the United States of America, including obligations of any federal agency, to the extent those obligations are unconditionally guaranteed by the United States of America, and any certificates or any other evidences of an ownership interest in those obligations of, or unconditionally guaranteed by, the United States of America or in specified portions which may consist of the principal of, or the interest on, those obligations;

      "Grant" means payment of funds to a recipient under terms that do not require the recipient to repay the funds under any circumstances, provided that the funds are used lawfully and in accordance with those terms.

       "Loan" means payment of funds to a recipient under terms that require repayment, but which requirement to repay may be delayed or conditional, or may be subordinated to other specified financial obligations. Loans made under this act may be of a nature similar to those made by the Commissioner of Community Affairs under the department's "Balanced Housing Program."

      "Low income areas" means municipalities in which the median gross annual household income, as reported in the most recent federal decennial census, is less than or equal to 80 percent of the median gross annual household income for all households in the State.

      "Low income household" means a household with a gross household income less than or equal to 50 percent of the median gross household income for households of similar size within the housing region in which the housing is located. "Low income household" includes "very low income household."

      "Low income housing" means housing affordable to a low income household.

      "Middle income household" means a household with a gross household income between 80 and 115 percent of the median gross household income for households of similar size within the housing region in which the housing is located.

      "Middle income housing" means housing affordable to a middle income household.

      "Moderate income household" means a household with a gross household income greater than 50 and equal to or less than 80 percent of the median gross household income for households of similar size within the housing region in which the housing is located.

      "Moderate income housing" means housing affordable to a moderate income household.

      "Nonprofit entity" means an entity that is exempt from federal taxation on income pursuant to 26 U.S.C.§501(c)(3), or any successor provision of federal law, and is organized for the purpose of providing low and moderate income housing or fostering economic development.

      "Urban areas" means municipalities eligible to receive aid under P.L.1978, c.14 (C.52:27D-178 et seq.).

      "Very low income household" means a household with a gross household income below 30 percent of the median gross household income for a household of similar size within the housing region in which the housing is located.

      "Very low income housing means housing affordable to a very low income household.

      4. a. The commissioner shall establish a separate "Affordable Housing Development Fund," which shall be a non-lapsing, revolving fund. This fund shall be the depository for funds as may be appropriated or received by the commissioner for the purposes of this section.

      b. At the direction of the issuing officials, as defined in P.L. c. , (now currently pending before the Legislature as Assembly Committee Substitute for Assembly Bill No. 1443 of 1996), the commissioner shall establish such subfunds of the "Affordable Housing Development Fund" as may be necessary or appropriate to render the interest of bonds exempt from federal taxation.

      c. The commissioner shall expend moneys in the "Affordable Housing Development Fund" to provide loans, loan guarantees, equity investments, grants, or other forms of assistance to eligible applicants, which may be nonprofit entities, developers, limited dividend corporations, housing authorities, redevelopment authorities, municipalities, or counties. Such moneys may be used only to pay the costs of construction and rehabilitation of housing and only in connection with the following types of activities:

      (1) Construction of new housing that will be occupied by low and moderate income households;

      (2) Conversion of nonresidential space to housing units to be occupied by low and moderate income households;

      (3) Substantial rehabilitation of housing that will be occupied by low or moderate income households;

      (4) Moderate rehabilitation of existing housing units to be occupied by low and moderate income households, provided, however, that moneys, whether provided by loan, loan guarantee, grant, or other form of assistance, shall be provided for moderate rehabilitation only to nonprofit entities, limited dividend corporations, housing authorities, redevelopment authorities, municipalities, or counties.

      (5) Planning by nonprofit entities for the development of low or moderate income housing, whether or not the acquisition, construction, conversion, or rehabilitation of the housing is funded through this act.

      d. The commissioner shall expend moneys from the "Affordable Housing Development Fund" in such a manner that:

      (1) At least 50 percent of the housing assisted each year shall be rental housing.

      (2) At least 20 percent of the housing assisted each year shall be affordable to, and reserved for, very low income households. Persons who are disabled, over age 62, graduating from a transitional housing program subsidized or supervised by a state agency or by a public or private entity under contract with a state agency, or participating in job training, job experience or job placement programs subsidized or supervised by a state agency or by a public or private entity under contract by a state agency, shall receive preference for occupancy of such housing.

      (3) At least 50 percent of the housing assisted each year shall be housing affordable to, and reserved for, low income households (including very low income households).

      (4) Funds are available to pay the costs of construction and rehabilitation of housing in municipalities throughout the state without regard to geographic location, except that, insofar as feasible, the commissioner shall distribute funds to projects in the various housing regions established pursuant to section 7 of P. L. 1985, c. 222 (C. 52:27D-307), in proportion to the number of low and moderate income households in need of safe, decent affordable housing in each such region during the current planning cycle as determined by the Council on Affordable Housing.

      (5) The sum of $6,000,000 shall be allocated from the fund for the purpose of making grants for planning by nonprofit entities for the development of low and moderate income housing, whether or not the acquisition, construction, conversion, or rehabilitation of the housing is funded through P.L. , c. (C. )(now pending before the Legislature as this bill), including but not limited to, the costs of identifying and evaluating potential sites for development of housing, assessing the financial feasibility of such development, developing plans to secure necessary financing, whether from public or private sources, planning and designing the development or rehabilitation of such sites, assessing the extent to which permits from governmental entities are needed and developing plans to secure those permits, establishing appropriate entities to carry out the development and management of housing, developing plans for the marketing of housing and the selection of tenants or purchasers, developing financial and management systems to assure that development is carried out in an efficient and financially prudent manner, and designing and carrying out programs of public education.

      e. (1) The commissioner shall, in accordance with rules and regulations promulgated pursuant to subsection g. of this section, provide assistance to assure that to the maximum extent feasible rental housing constructed, converted, or rehabilitated with funds from the "Affordable Housing Development Fund" is affordable to very low income households. Such assistance shall take the form of project-based rental assistance to very low income households which are renting such housing to make up the difference between the rent that would render the unit affordable to a very low income household and the reasonable operating expenses of the housing, including debt service and management fees.

      (2) The commissioner shall establish rules and regulations governing the administration and disbursement of such project-based rental assistance. The regulations shall, at a minimum, provide for the following:

      (i) Establishment by the owner of the project of an escrow account with a financial institution approved by the commissioner;

      (ii) Determination by the commissioner of the amount to be paid from the "Affordable Housing Development Fund" into the escrow account based upon projections of the rents that will be affordable to prospective tenants during the period covered by the project-based rental assistance and the reasonable operating expenses of the housing;

      (iii) Periodic disbursement of project-based rental assistance from the escrow account based upon certification of actual rents and operating costs;

      (iv) Return to the "Affordable Housing Development Fund" of excess funds remaining in the escrow account at the end of the period of the project-based assistance or, in the discretion of the commissioner, use of those funds to extend the period of the project-based rental assistance;

      (v) Standards and procedures for providing relief when the difference between reasonable operating costs and rents affordable to tenants during the remainder of the period of the project-based assistance will foreseeably exceed the funds in the escrow account; which relief may, in the discretion of the commissioner, include, but is not limited to, providing additional assistance, shortening the period of the project-based assistance, permitting an increase in the rents, or reducing management fees;

      (vi) Standards and procedures for return of funds from the escrow account to the "Affordable Housing Development Fund" when the funds in the escrow account will foreseeably exceed the difference between reasonable operating costs and rents affordable to tenants during the remainder of the period of the project-based assistance;

      (vii) Remedies available to the commissioner when project-based assistance is misused through negligence, mismanagement, waste, or fraud by the owner or manager of the project or the financial institution holding the escrow account.

      (viii) Standards which provide that in order for an applicant to be eligible to occupy a unit, he must be elderly, disabled, employed full-time or part-time, or agree to enroll in a bonafide job training, retraining or other job placement program, such as, but not limited to, the Workforce Development Partnership Program established pursuant to P.L. 1992, c. 43 (C.34:15D-1 et seq.).

      (ix) Coordination whenever possible regarding the placement of applicants in appropriate programs with the Departments of Labor and Human Services, respectively, or any other agency responsible for job training programs.

      f. On or before April 1 of each year, the commissioner shall, following consultation with organizations representing the interests of consumers of low and moderate income housing and providers of low and moderate income housing, publish a draft annual program plan for the "Affordable Housing Development Fund" in the New Jersey Register for public comment and shall distribute copies to interested parties.

      (1) The annual program plan shall specify the amount of money the commissioner intends to spend from the fund, the commissioner's priorities among the various types of housing to be assisted and the various forms the assistance will take, and the means the commissioner will use to implement those priorities, and any changes in the program from the previous year. The annual program plan shall also include a balance sheet on the fund, detailing by project all anticipated revenues and expenditures.

      (2) On or before June 15 of each year, the commissioner shall submit an annual program plan to the Governor, the Speaker of the Assembly, and the President of the Senate. The program plan shall be published promptly in the New Jersey Register.

      g. The commissioner shall establish rules and regulations governing the qualifications of applicants, the application procedures, and the criteria for awarding loans, grants and other forms of assistance and the standards for establishing the amount, terms and conditions of each loan, loan guarantee, grant, equity investment, or other form of assistance.

      h. As a condition upon receipt of any loan, loan guarantee, grant, equity investment, or other form of assistance, the applicant shall enter into an agreement with the commissioner that incorporates contractual guarantees and procedures by which the commissioner will ensure that any unit of housing provided for low and moderate income households shall continue to be affordable to, and reserved for, low and moderate income households for at least 30 years following the award of the loan, grant, or other form of assistance, except that the commissioner may approve a guarantee for a period of less than 30 years where, for exceptional reasons, such a shorter period is necessary to ensure project feasibility.

      i. The commissioner shall take all steps necessary to assure that all housing assisted under this program is marketed and rented or sold in a manner that complies with state and federal anti-discrimination laws and is equally available to eligible households throughout the housing region as designated by the Council on Affordable Housing.

      5. a. The agency shall establish a separate "Homeownership Fund," which shall be a non-lapsing, revolving fund. This fund shall be the depository for funds as may be appropriated or received by the agency for the purposes of this section.

      b. At the direction of the issuing officials, as defined in P.L. , c.  ,  (now pending before the Legislature as Assembly Committee Substitute for Assembly Bill No. 1443 of 1996), the agency shall establish such subfunds of the "Homeownership Fund" as may be necessary or appropriate to render the interest of bonds exempt from federal taxation.

      c. The agency shall expend moneys in the "Homeownership Fund" to provide loans, and other forms of assistance to enable low, moderate and middle income households to make down payments, pay closing costs, and pay other one-time expenses associated with the purchase of housing, including condominium and cooperative housing, and to provide housing counsel to prospective applicants.

      d. The agency shall expend moneys from the "Homeownership Fund," other than moneys for housing counseling, in such a manner that each year:

      (1) One-third of the households assisted are low income households;

      (2) One-third of the households assisted are moderate income households; and

      (3) One-third of the households assisted are middle income households.

      e. The agency shall establish rules and regulations governing the qualifications of applicants, the application procedures, and the criteria for awarding loans and other forms of assistance and the standards for establishing the amount, terms and conditions of each loan or other form of assistance.

      f. (1) On or before April 1 of each year, the agency shall, following consultation with organizations representing the interests of low and moderate income consumers of housing, financial institutions, developers, and real estate brokers, publish a draft annual program plan for the next fiscal year for the "Homeownership Fund" in the New Jersey Register for public comment and shall distribute copies to interested parties.

      (2) The annual program plan shall specify the amount of money the agency intends to spend from the fund, the agency's priorities among the various types of activities to be assisted and the various forms the assistance will take, and the means the agency will use to implement those priorities, and any changes in the program from the previous year. The annual program plan shall also include a balance sheet on the fund, detailing by project all anticipated revenues and expenditures.

      (3) On or before June 15 of each year, the agency shall submit the annual program plan to the Governor, the Speaker of the Assembly, and the President of the Senate. The program plan shall be published promptly in the New Jersey Register.

      g. The agency shall provide, or contract with other public or private entities, to provide housing counseling to eligible households, especially households in urban areas and low income communities, to enable such households to effectively utilize loans, and other forms of assistance available under this section, to promote responsible homeownership, and to assure that housing assisted through this section is equally available to households throughout the housing region as designated by the Council on Affordable Housing.

      6. a. The authority shall establish a separate "Economic Development Fund," which shall be a non-lapsing, revolving fund. This fund shall be the depository for funds as may be appropriated or received by the authority for the purposes of this section.

      b. The authority shall expend moneys in the "Economic Development Fund" for the purpose of providing loans, loan guarantees, equity investments, grants and other forms of assistance to eligible applicants, which may be nonprofit entities, municipalities, or counties, to enable them to plan, develop and implement programs to foster the development and growth of eligible small businesses in urban areas and low income areas.

      c. The authority shall take all steps necessary to coordinate its activities under this act and the "Micro-Business Development and Assistance Act," P.L. 1995, c. 206 (C.34:1B-70 et seq.). The authority may expend moneys in the "Economic Development Fund" for any purpose authorized by L. 1995, c. 206 for moneys in the Micro-Business Assistance Fund which is not inconsistent with this act.

      A nonprofit entity receiving funds from the "Economic Development Fund" shall be a micro-business development corporation as defined in section 3 of P.L.1995, c.206 (C.34:1B-72).

      d. Moneys provided to nonprofit entities, municipalities, or counties by loans, grants or other form of assistance from the "Economic Development Fund" may be used only to pay the costs of fostering the development and growth of small businesses in urban areas and low income areas and only in connection with the following types of activities:

      (1) Training present and prospective owners, managers, and employees of eligible small businesses.

      (2) Providing consultation and professional services to individuals and entities to assist them in creating eligible small businesses or enabling existing eligible small businesses to grow.

      (3) Providing loans, loan guarantees, equity investments, grants and other forms of assistance to individuals or entities for purposes of creating eligible small businesses and enabling existing eligible small businesses to grow.

      (4) Acquiring, constructing, converting, or rehabilitating buildings to house eligible small businesses in a manner that will reduce costs by creating economies of scale and fostering the sharing of resources and knowledge.

      (5) Enabling nonprofit entities to establish eligible small businesses which will provide goods or services for which there is a foreseeable demand but no local supplier or which will utilize novel technologies or business methods.

      (6) Planning by nonprofit entities for the development and implementation of programs to foster the development and growth of eligible small businesses in urban areas and low income areas.

      e. The authority shall expend moneys from the "Economic Development Fund" in such a manner that:

      (1) Preference is given to applicants who propose to link assistance under paragraphs (2), (3), (4) or (5) of subsection d. this section with training under paragraph (1) of that subsection.

      (2) Preference is given to applicants who demonstrate, not only the skill, reliability, and experience to carry out the proposed program, but also a knowledge of and support within the particular community or communities in which they propose to operate.

      (3) Not more than $3,000,000 in the aggregate shall be for grants for planning by nonprofit entities for the development and implementation of programs to foster the development and growth of eligible small businesses in urban areas and low income areas.

      (4) Not more than $4,000,000 in the aggregate shall be for grants for the purposes of training present and prospective owners, managers, and employees of eligible small businesses.

      f. The authority shall establish rules and regulations governing the qualifications of applicants, the application procedures, and the criteria for awarding loans, grants and other forms of assistance and the standards for establishing the amount, terms and conditions of each loan, grant or other form of assistance. 

      g. (1) On or before April 1 of each year, the authority shall, following consultation with organizations representing the interests of persons who may be the direct beneficiaries of programs to foster the creation and growth of small businesses of urban and low and moderate income communities, and providers of programs to foster the creation and growth of small businesses, publish a draft annual program plan for the next fiscal year for the "Economic Development Fund" in the New Jersey Register for public comment and shall distribute copies to interested parties.

      (2) The annual program plan shall specify the amount of money the authority intends to spend from the fund, the authority's priorities among the various types of activities to be assisted, including a listing detailing the number of businesses assisted, the type of businesses assisted, the number of loans and the average loan amount, the various forms the assistance will take, the means the authority will use to implement those priorities, the manner in which expenditure of money from the fund will be coordinated with the authority's activities under P.L.1995, c.206, and any changes in the program from the previous year. The annual program plan shall also include a balance sheet on the fund, detailing by project all anticipated revenues and expenditures.

      (3) On or before June 15 of each year, the authority shall submit the annual program plan to the Governor, the Speaker of the Assembly, and the President of the Senate. The program plan shall be published promptly in the New Jersey Register.

      h. The authority shall take all steps necessary to assure that recipients of funds from the "Economic Development Fund" comply with the "Law Against Discrimination," P. L.1945, c.169 (C.10:5-1 et seq.) and do not discriminate on the basis of political creed, membership or non-membership in any political party, or support or non-support for any candidate for elective office.

      7. This act shall take effect upon the approval by the voters of the referendum provided for by the "Jobs from Housing and Economic Development Bond Act," P.L. , c. (now pending before the Legislature as Assembly Committee Substitute for Assembly Bill No. 1443 of 1996).

The "Jobs from Housing and Economic Development Act of 1996."