TRENTON – Today, the Senate Urban and Community Affairs Committee voted to release legislation to dedicate half of New Jersey's mansion tax revenue to the Affordable Housing Trust Fund. On the bill (S3103), Housing and Community Development Network of New Jersey Vice President of Policy and Advocacy Matthew Hersh issued the following statement:

“At a time when New Jersey faces a severe shortage of affordable homes, protecting and strengthening the Affordable Housing Trust Fund is essential. The Trust Fund was created to support the production and preservation of affordable homes, but over the years its resources have too often been diverted to other purposes. This legislation expands the dedicated funding source that will help the community development sector build and preserve the affordable homes New Jersey residents need.

“We thank the Committee for recognizing that solving our housing crisis requires sustained investment in housing production and preservation. We urge the full Senate to pass this important measure and call on the Assembly to advance the legislation without delay.”

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 250 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.