The state budget deal struck by Gov. Phil Murphy and the NJ Legislature preserves full funding of New Jersey’s Affordable Housing Trust Fund, and proposes to pay for other, non-AHTF programs from general revenue. The AHTF, funded by the realty transfer fee, is used to create affordable homes for lower income residents. On the budget agreement, Housing and Community Development Network of New Jersey’s (the Network) President and Chief Executive Officer Staci Berger issued the following statement:

“The budget deal that preserves the intent of the Trust Fund and directs general revenue to other housing programs is a win-win for NJ residents and communities. Before the pandemic, NJ homeowners and renters – especially Black and Brown households – have suffered from a persistent lack of affordable homes. We have an opportunity to create post-pandemic recovery where our state thrives and using the Affordable Housing Trust Fund as intended, to build affordable homes for our more vulnerable residents, gets us on that path. Together, we can make New Jersey a place everyone can afford to call home.

“We thank and congratulate all of the elected officials who worked tirelessly to craft this deal, including Governor Murphy, Senate President Sweeney and Speaker Coughlin. We are especially grateful to the leadership of the Legislative Black Caucus, and persistence of Assembly Housing Committee Chair Benjie Wimberly (D-Bergen/Passaic), Assemblymembers Mila Jasey (D-Essex/Morris), Shavonda Sumter (D-Bergen/Passaic), Verlina Reynolds-Jackson (D-Hunterdon/Mercer), and Britnee Timberlake (D-Essex) as well as Senators Shirley Turner (D-Hunterdon/Mercer) and Nellie Pou (D-Bergen/Passaic). We look forward to seeing this budget adopted and signed in to law so that we can build a thriving New Jersey.”

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.