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A 5497

Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership

2025 Regular Session Introduced by Karl Brabenec and 3 co-sponsors

Creates GrantsNJ in DCA to run a centralized online grants portal, with MOUs with state agencies, outreach to underserved communities, and annual reporting.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 5497

Bill A 5497 — Summary (Introduced Version)

Overview

  • Bill Number: A 5497
  • Title (as introduced): Clarifies the exemption for cooperative housing corporations where there is no change in beneficial ownership
  • Status: Referred to Ways and Means
  • Introduced: March 24, 2025
  • Sponsor(s): Alec Brook-Krasny (primary), Michael Novakhov (cosponsor), Karl Brabenec (cosponsor), David McDonough (cosponsor)
  • Related Bill: A 6301 (prior-session)

Note: The material provided for A 5497 appears to describe a different policy objective than the stated title. The introduced version text outlines the creation of a centralized grants division (GrantsNJ) within the Department of Community Affairs, rather than provisions related to cooperative housing corporations or beneficial ownership exemptions. The summary below reflects the introduced content as presented.

Purpose and Intent

  • Establish a new GrantsNJ division within the Department of Community Affairs (DCA) to serve as a centralized resource for residents to access information about, and apply for, grants offered by State agencies.
  • Coordinate with state agencies to identify additional funding sources to maximize grant funds available to residents.
  • Create a centralized, comprehensive online grants portal to streamline information, applications, and accessibility.

Key Provisions

1) Establishment of GrantsNJ

  • The Commissioner of Community Affairs shall establish GrantsNJ within DCA.
  • Purpose: provide a centralized resource for residents to access information about state-grant opportunities and to apply for grants.
  • Objectives: identify supplemental funding (public and private) to maximize grant funds for residents.

2) GrantsNJ Portal and Memoranda of Understanding (MOUs)

  • Develop and administer a centralized grants portal that:
    • Lists all grants available to New Jersey residents.
    • Organizes grants by type (e.g., individuals, businesses, nonprofits, educational institutions, municipalities).
    • Summarizes eligibility criteria, application links, and deadlines.
    • Provides tutorials and FAQs to guide applicants.
    • Includes multilingual and accessibility support.
    • Incorporates other relevant grant information.
  • The GrantsNJ division must enter into MOUs with each state department, agency, board, or commission that administers grants to:
    • Provide a standardized Internet-based application form for each grant listed on the portal.
    • Assist in developing the portal.
  • Agencies, boards, and commissions are to make a good faith effort to include as many grants as possible on the portal, to the extent allowed by federal law.

3) Public Information Campaign

  • The Commissioner must launch a public information campaign about the portal and grant availability.
  • Campaign elements include workshops and internet-based webinars.
  • Priority targets: underserved communities and small businesses.

4) Reporting

  • GrantsNJ must report annually to the Governor and the Legislature (no later than 12 months after the act’s effective date, and then annually thereafter).
  • Reports to include: grant utilization rates, accessibility improvements, metrics on the public information campaign, and the impact of grant funding on communities (including success stories).

5) Administrative Rules

  • DCA shall adopt rules and regulations as needed to implement the bill’s purposes, pursuant to the Administrative Procedure Act.

6) Effective Date

  • The act takes effect immediately upon enactment.

Who Would Be Affected

  • Residents seeking state grants (individuals, families, nonprofits, educational institutions, municipalities, businesses).
  • State departments, agencies, boards, and commissions that administer grants (required to collaborate via MOUs and list grants on the portal).
  • Underserved communities and small businesses targeted by information campaigns.

Timeline and Process

  • Immediate establishment of GrantsNJ upon enactment.
  • MOUs to be executed with state grant-administering entities.
  • Public information campaign to commence with portal development.
  • First annual reporting due within 12 months of effectiveness, with subsequent annual reports.

Potential Impact

  • Greater visibility and accessibility of state grant opportunities for residents.
  • Streamlined application processes through standardized online forms.
  • Enhanced coordination across state agencies to maximize grant funding.
  • Improved outreach to underserved communities and small businesses via targeted campaigns and multilingual support.

Compiled from official sources — confirm details with the bill’s official record.

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