In 2015, Assembly Bill 2 established CRIAs, another type of tax increment financing district, that increases funding for and production of affordable housing in disadvantaged communities as well as other types of infrastructure projects. To qualify, a city/county must meet the criteria for disadvantaged communities, including having areas with high unemployment or high crime rates, neighborhoods with deteriorated infrastructure, and/or areas with a significantly lower median household income. CRIAs have an affordable housing set aside of 25% and entail the powers of eminent domain for the first 12 years. CRIAs do not require public vote for creation or issuance of bonds, however they are subject to majority protest at adoption. CRIAs are governed by a 5-member board made up of at least 3 members of a legislative body and 2 community members who live or work in the district area.
Although there are not yet any approved CRIAs in the State, several jurisdictions are in process of forming their own CRIAs. Kosmont Companies has mapped out this progress, click here to view: