TRENTON – Housing advocates are celebrating today’s announcement from the New Jersey Department of Community Affairs (NJDCA) that $35 million will be restored to the state’s Affordable Housing Trust Fund, with an additional $10 million allocated for Habitat for Humanity projects, and that the application process for development projects will reopen. This major win for New Jersey families follows advocacy efforts by the Housing and Community Development Network of NJ (the Network), along with its members and allies, to ensure the Trust Fund is used for its intended purpose: creating and preserving affordable homes.
“We applaud this down payment toward addressing the housing needs of low- and moderate-income families, seniors, and people with disabilities.” said Matthew Hersh, vice president of policy and advocacy for the Network. “This is a win for everyone in New Jersey who believes that safe, stable, and affordable homes are the foundation of strong communities. We look forward to the full restoration of the Affordable Housing Trust Fund in the Lame Duck legislative session to make sure NJ is a place everyone can afford to call home.”
The NJDCA’s action comes amid growing bipartisan momentum in the Legislature to strengthen and stabilize the Trust Fund:
• Senator Britnee N. Timberlake (D-Essex) has introduced legislation to restore $125 million to the Trust Fund.
• Senator Benjie Wimberly (D-Bergen/Passaic) and Assemblywoman Verlina Reynolds-Jackson (D-Mercer) introduced a bill in June dedicating at least half of the new “Mansion Tax” revenue to the Trust Fund, creating a sustainable source of funding for affordable homes.
Advocates emphasized that while today’s announcement is an achievement, the work is not done. Fully restoring the Trust Fund and securing a long-term, stable funding stream without diversions will be essential to meeting the state’s growing demand for affordable homes.
“We’ve made great progress in recent years towards expanding affordable home opportunities, we can’t afford to stop now,” added Hersh. “Today’s announcement is a positive step in the right direction. Let’s finish the job and ensure the Trust Fund is fully and sustainably funded so every community can provide the affordable homes our residents need.”
About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 270 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.
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