New Jersey Governor Phil Murphy (D) and state legislators agreed on a budget on July 1 that for the first time in nearly a decade invests $15 million in the New Jersey Affordable Housing Trust Fund. The budget also includes a 50% increase in the Neighborhood Revitalization Tax Credit, a successful community revitalization tool since 2002. Hundreds of members and supporters of the Housing and Community Development Network of New Jersey (HCDNNJ), an NLIHC state partner, worked for months to ensure that the governor and legislature fully funded the programs that protect the lowest income households in New Jersey.
Many legislators, including Assemblywoman Britnee Timberlake (D-34) and Assembly Housing and Community Development Committee Chair Benjie E. Wimberly (D-35), championed the Affordable Housing Trust Fund this budget cycle. The fund was created to construct and rehabilitate homes targeted to households with income less than 80% of the area median income. Since 2009, hundreds of millions of dollars were instead used to fund other programs in the state budget. As a candidate, Governor Murphy committed to spending Trust Fund dollars as intended. Advocates say this is a great first step toward solving New Jersey’s housing crisis.
In addition to replenishing the Trust Fund, advocates secured a 50% increase in funding for the Neighborhood Revitalization Tax Credit. This popular program provides tax credits that encourage private businesses to invest in low and moderate income neighborhoods. The budget increase from $10 million to $15 million is the first in the program’s history.
Advocates achieved these victories by showing up in force at the State Capitol for HCDNNJ’s annual Legislative Day. More than 150 advocates met with 30 members of the legislature, describing the positive impact these funds have in their communities and urging them to support increased investments in affordable homes. HCDNNJ also told the legislators about a poll conducted by Rutgers’ Eagleton Institute that found deep concern for housing affordability and strong support for investing the Trust Fund as intended.
“Network staff and board members will continue to work with the Murphy Administration and legislative leaders to secure additional resources and sound policy solutions to solve New Jersey’s persistent housing affordability challenge,” said Staci Berger, President and CEO of the Housing and Community Development Network of New Jersey. “We look forward to building a thriving New Jersey together.”
For more information, contact Arnold Cohen at acohen@hcdnnj.org or 609-393-3752 x1600.