HUD ALLOCATES $12 MILLION TO HELP NEW JERSEY PRODUCE AFFORDABLE HOUSING
Housing Trust Fund Allocations will increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households

NEW JERSEY – Today, the U.S. Department of Housing and Urban Development (HUD) allocated $382 million through the nation’s Housing Trust Fund (HTF). New Jersey was allocated $12,237,784  million from the Housing Trust Fund, an affordable housing production program that complements existing Federal, state, and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including families experiencing homelessness. Please see a chart of state allocations below.

“We’re proud to invest in states to create more affordable housing,” said HUD Secretary Marica L. Fudge. “The Biden-Harris Administration is committed to improving the nation’s housing affordability crisis and the Housing Trust Fund provides communities resources they need to produce more safe, sustainable and affordable housing.”

“The Housing Trust Fund provides funding that contributes to available federal, state, and local resources to increase and preserve the supply of decent, safe, and sanitary affordable housing,” said Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey. “HUD partners working together are a proven lifeline for extremely low-income and very low-income households, including homeless families, that need an affordable place to call home.”

HTF is a formula-based program for States and U.S. Territories. By law, each state is allocated a minimum of $3 million. State affordable housing planners will use these funds for the following eligible activities:

• Real property acquisition
• Site improvements and development hard costs
• Related soft costs
• Demolition
• Financing costs
• Relocation assistance
• Operating cost assistance for rental housing (up to 30% of each grant)
• Reasonable administrative and planning costs.

The Housing Trust Fund is being capitalized through contributions made by Fannie Mae and Freddie Mac. In December 2014, the Federal Housing Finance Agency (FHFA) directed these Government Sponsored Enterprises (GSEs) to begin setting aside and allocating funds to the Housing Trust Fund. The Housing Trust Fund helps to strengthen and broaden the Federal housing safety net for people in need by increasing production of, and access to, affordable housing for the nation’s most vulnerable populations. One hundred percent of funds must be used for extremely low-income families. This targeting ensures the priority of this program is helping those with the greatest needs.

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HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
More information about HUD and its programs is available on the Internet
at www.hud.gov and http://espanol.hud.gov.