Established by Assembly Bill 1568 in 2017, the NIFTI Act grants cities and counties permission to allow EIFDs to funnel sales and use tax revenues toward affordable housing and supportive transit infrastructure projects. NIFTIs can also fund infill development projects, however they cannot fund highway or highway interchange improvements. Similar to EIFDs, NIFTIs do not require public vote for creation and are governed by a PFA made of 5 members with at least 3 elected officials and 2 local community members who live or work in the area. NIFTIs differ from EIFDs in that they require 55% of registered voters, or landowners vote (1 vote per acre), to issue bonds and the district must be coterminous with the boundary of the city or county establishing the NIFTI. Additionally, NIFTIs have a 20% affordable housing requirement. The law outlines the requirements for the ordinance that must be established to create a NIFTI.
No approved NIFTIs in the State yet.