Affordable housing is a much-needed resource, with demand increasing exponentially daily. For every application that can receive a reasonable housing opportunity, dozens of families on waitlists are desperate to hear that their name was chosen next. At a time when living expenses only continue to increase, affordable housing is an ever-important means of leveling the playing field and offering low- and moderate-income families the chance to live in safe, stable housing. Recognizing this need, the Office of the Governor recently announced expanded affordable housing production throughout the Garden State.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) Board recently approved a Memorandum of Understanding (MOU) to finalize federal American Rescue Plan (ARP) funding for the State’s Affordable Housing Production Fund (AHPF). The MOU between NJHMFA and the Department of Community Affairs finalizes the $305 million allocated in the Fiscal Year 2023 budget towards the AHPF, playing a critical role in developing thousands of new affordable housing units throughout New Jersey.
The AHPF, which NJHMFA administers, was established by Governor Murphy in the Fiscal Year 2023 budget to build over 3,300 new affordable housing units across approximately 43 developments statewide. The AHPF was designed to allow for the full completion of all 100 percent affordable housing projects identified in municipal housing settlements that have yet to be built, eliminating the state’s backlog of these projects by the end of the Governor’s second term.
Per Governor Murphy, “In launching the Affordable Housing Production Fund last year, we took an urgent approach to addressing the affordable housing needs in our state. No family should ever experience the stress of finding an affordable place to call home. In building the Next New Jersey, this Administration remains committed to making affordable housing accessible to the individuals and families who call this great state home.”
Lt. Governor Shelia Oliver also shared her thoughts: “Governor Murphy’s full funding of 3,300 housing units through the Affordable Housing Production Fund is a huge step towards meeting the extreme need for quality, affordable housing in New Jersey.” This is a cause close to Lt. Governor Oliver, as she serves as Commissioner of the NJ Department of Community Affairs.
In a community like Trenton, where many families live beneath the poverty line, affordable housing is not just a place to live but a powerful transformative tool in the family’s quality of life. A few benefits that society at large can reap from increasing affordable housing include an improved economy, increased job opportunities, favorable outcomes for children, and more. Affordable housing is not just a roof over your head but an opportunity for a brighter future for all New Jerseyans.
The increased affordable housing stock is a vital step in assuring that Garden State is truly home for all New Jerseyans, and we cannot wait to see how lives are changed due to this powerful work.
The post New Jersey to Advance Affordable Housing Production first appeared on TrentonDaily.
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