New Jersey has published its action plan for the $1.8 billion
CDBG grant allocated by HUD to assist the State's Hurricane
Sandy recovery efforts. The public comment period for the action
plan will end at 5:00 pm on March 19. Additional allocations are
expected to be made at subsequent dates to be determined by HUD.
Funds must be spent within two years unless HUD provides an
extension. Governor Christie has designated the New Jersey
Department of Community Affairs as the entity responsible to HUD
for administering the distribution of CDBG funds for New Jersey.
The action plan provides for the distribution of the $1.8 billion
of CDBG funds in the following areas: homeowner assistance; rental
housing; economic revitalization; and support for state and local
agencies. Within each category are a variety of programs to address
specific recovery needs. As an example, with respect to rental
housing, $100,000,000 is designated to facilitate the creation of
quality, affordable housing units to help New Jersey recover from
the loss of multi-family housing. CDBG funds will be provided as
zero- and low-interest loans to qualified developers to leverage 9%
and 4% low income housing tax credits, tax-exempt bonds and
stand-alone financing to support development. Awards will be
limited to $120,000 per unit. Similarly $75,000,000 will be awarded
through NJEDA in amounts up to $10,000,000 to redevelopment
agencies, municipalities, businesses and nonprofits, including
CDFIs and CBDOs for community revitalization. These funds may be
used for property acquisition, demolition, site preparation and
infrastructure repair and installation as well as physical
improvement and expansion of existing facilities.
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Form 8938 (Statement of Foreign Financial Assets), introduced in 2011 as part of the Foreign Account Tax Compliance Act (FATCA), requires taxpayers to report their foreign assets, subject to minimum values, and indicate where the related income is picked up on their tax return.