The New Jersey Department of Banking and Insurance published a bulletin on the state of insurance for affordable housing developments. The Department has heard concerns about the availability and cost of insurance for affordable housing developments, which includes the Section 8 Housing Choice Voucher Program, Low Income Housing Tax Credits, Housing Assistance Program, Family Development Vouchers, Special Needs Housing Subsidy, and Municipal Affordable Housing Trust Funds.
All insurers conducting property and casualty business in the state are required to respond to Order No. A24-06. The Order requires insurers to respond to a data call and includes instructions, a Survey Form, and a signed affirmation, which can be found on the Department site here. Responses should be sent by email to [email protected] by August 22, 2024.
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