TRENTON – The state budget passed by the NJ Legislature today is an unprecedented level of investment for housing affordability and community revitalization. It preserves full funding of New Jersey’s Affordable Housing Trust Fund, as well as additional funding for the Affordable Housing Production Fund, the popular Neighborhood Revitalization Tax Credit Program, and for lead poisoning prevention. The state budget also includes investments for the state’s hardworking families in the form of the new child tax credit program and expands property tax relief for renters. On the budget, Housing and Community Development Network of NJ President and Chief Executive Officer Staci Berger issued the following statement:

“The FY2023 state budget is historic, providing the highest level of investment for housing affordability, security and stability ever in our state. Housing affordability has long been a problem for our residents and the pandemic has exacerbated this crisis. We applaud Governor Murphy, Lt. Governor Oliver, Senate President Scutari, Speaker Coughlin and the members of the Legislature for passing a budget that includes transformational, once-in-a-lifetime investments to address housing scarcity.

“New Jersey needs more than 200,000 homes to address our current shortage, so we look forward to seeing crucial housing funding being expanded. We’re also pleased to see an increase in the Neighborhood Revitalization Tax Credit Program, which has a proven track record of success revitalizing neighborhoods, bringing new investment and creating permanent businesses, jobs, and homes. By bolstering programs that increase affordable home production, prevent homelessness, and reduce housing instability, this budget takes an enormous step towards making NJ a place everyone can afford to call home.

“Prioritizing housing affordability at the state and federal levels can lay a foundation for a more affordable NJ for generations to come. We thank the Murphy Administration and the Legislature for enacting these significant investments that will help 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 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.