Corporate Transit Fee Key to Strengthening Communities, say Housing Advocates

Urge housing affordability and security measures to be
part of final budget package

TRENTON – Politico New Jersey is reporting a budget deal among state leaders that includes the proposed Corporate Transit Fee (CTF) to fund NJ Transit. The fee on NJ’s most profitable corporations is expected to last five years and would become a dedicated funding source for the agency, which is facing a billion-dollar shortfall. On the agreement, NJ Housing and Community Development Network of New Jersey President and Chief Executive Officer Staci Berger issued the following statement:

“Mass transit is a vital service countless families depend on to get to work, school, the grocery store and more. We congratulate our partners and allies for this hard-fought effort to make transit funding a top priority and to ensure very profitable, wealthy corporations pay their fair share to support it.

“In addition to addressing the systemic underfunding of mass transit, this budget should also include housing affordability and security measures. We look forward to seeing the proposed budget and hope that it makes continued investments in addressing the largest driver of inflation, housing. The budget should double the Neighborhood Revitalization Tax Credit, increase eviction filing fees, incentivize rent stability and protect the Affordable Housing Trust Fund.

“Bold ideas like the Corporate Transit Fee are essential to strengthening our communities. We applaud Governor Murphy and legislative leaders for including this in the state budget and we urge them to continue to address NJ’s affordability crisis by ensuring that all our residents have a safe, affordable place to call home. Together, we can HouseNJ!”

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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