Wimberly, Reynolds-Jackson & Tucker Bill to Dedicate Certain Realty Transfer Fee Revenues to the Special Needs Housing Trust Fund Clears Assembly Panel

(TRENTON) – In support of housing for New Jersey residents with special needs, legislation sponsored by Assembly Democrats Benjie Wimberly (D-Bergen, Passaic), Verlina Reynolds-Jackson (D-Mercer, Hunterdon) and Cleopatra Tucker (D-Essex) to dedicate funding to the Special Needs Housing Trust Fund recently cleared an Assembly Panel.

The bill (A-1925) currently requires that $20 million of certain realty transfer fee revenues are to annually be credited to the Special Needs Housing Trust Fund beginning with the first fiscal year following enactment of the bill.  The bill would also authorize the Special Needs Housing Trust Fund to accept other funds that may be authorized by law.

Assembly members Wimberly, Reynolds-Jackson and Tucker issued the following joint statement on the legislation:

“The Special Needs Housing Trust Fund has long-supported communities in providing adequate housing options for residents with special needs. Housing accommodations can be a challenge for residents with disabilities, whether it is providing special ramps or appliances they require to perform simple daily tasks. It is important for the State to ensure the trust fund is able to continue its work for years to come with a dedicated funding source.”

The Special Needs Housing Trust Fund was established in 2005 and supports the development and construction of community residences and permanent supportive housing for individuals with special needs. The program was initially funded by $200 million from the proceeds of bonds issued by the New Jersey Economic Development Authority (EDA). The majority of these funds have been expended on the development and construction of community residences and permanent supportive housing for individuals with special needs. This bill would provide additional permanent annual funding to continue this mission.

The bill was released by the Assembly Housing Committee on March 8. It will now go to the Assembly Speaker for further consideration.