Big Boost for Affordable Homes in Murphy Budget
Housing advocates applaud full funding of Housing Trust Fund

TRENTON – Following Governor Phil Murphy’s announcement that he intends to fully fund New Jersey’s Affordable Housing Trust Fund in his state budget, Housing and Community Development Network of New Jersey’s (the Network) President and Chief Executive Officer Staci Berger issued the following statement:

“We are thrilled that Governor Murphy is fulfilling his commitment to fully fund the state’s Affordable Housing Trust Fund (AHTF), ending a decade of diverting these funds. Last year, the Real Estate Transfer Fee raised nearly $60 million for this fund. Public investments like this have helped non-profit community developers contribute $500 million annually to NJ’s economy by creating jobs, affordable homes, and generating tax revenue. Putting the state’s housing trust fund to work will build a thriving NJ.

“Housing affordability is an enormous concern for NJ residents. Last year, 86 percent of respondents told the Rutgers-Eagleton poll that housing affordability is a serious issue and supported using the Trust Fund as intended. Today’s announcement brings hope for our friends, families, and neighbors who are struggling to make ends meet. We look forward to working with the governor and the legislature to see this budget adopted so we can all afford to call NJ home.”

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.