{"id":3470,"date":"2025-07-01T13:27:55","date_gmt":"2025-07-01T13:27:55","guid":{"rendered":"https:\/\/www.fairsharehousing.org\/?post_type=press-release&p=3470"},"modified":"2025-07-01T13:27:56","modified_gmt":"2025-07-01T13:27:56","slug":"nj-budget-reduces-and-diverts-critical-affordable-housing-trust-fund-dollars","status":"publish","type":"press-release","link":"https:\/\/www.fairsharehousing.org\/es\/press-release\/nj-budget-reduces-and-diverts-critical-affordable-housing-trust-fund-dollars\/","title":{"rendered":"NJ Budget Reduces and Diverts Critical Affordable Housing Trust Fund Dollars"},"content":{"rendered":"\n

FSHC Calls on Governor Murphy to Maximize Funding, Sign Legislation Creating New Tax Credits for Housing<\/strong><\/p>\n\n\n\n

Statement from Managing Director of External Affairs, Al-Tariq Witcher:<\/em><\/p>\n\n\n\n

\u201cSlashing the Affordable Housing Trust Fund, which is crucial to mitigating the harms of the ongoing housing affordability crisis, is a big mistake.<\/p>\n\n\n\n

Strong housing funding would have been particularly valuable this year, as municipalities are working to develop plans for how to meet affordable housing needs over the next decade. The trust fund is often the only source of funds for smaller developments, which do not qualify for many types of federal funding. The trust fund in this budget is instead being used for programs like first-generation homeownership and the state rental assistance program, which were previously included in the budget in addition to \u2014 not instead of \u2014 housing production.<\/p>\n\n\n\n

\u201cWe\u2019re also disappointed that the extra \u2018mansion tax\u2019 \u2014 which would have initially applied to home sales of more than $1 million, but will now only be increased for sales of more than $2 million \u2014 is being used for general purposes, instead of going to the Affordable Housing Trust Fund.<\/p>\n\n\n\n

\u201cWe will continue to work to restore this funding and call on Governor Murphy to ensure that the maximum amount of funding possible be allocated to the Affordable Housing Trust Fund as opportunities arise.<\/p>\n\n\n\n

\u201cWe appreciate the leadership of Speaker Coughlin, Majority Leader Ruiz, and the other prime sponsors of A3128\/S4071<\/a>, which passed both houses today. This legislation authorizes the New Jersey Housing and Mortgage Finance Agency (HMFA) to award $100 million a year in previously authorized, but uncommitted, tax credits towards new or rehabilitated housing for the next several years. While these projects differ from the critical projects funded through the Affordable Housing Trust Fund, these tax credits help to fill project financing gaps experienced by certain qualified affordable housing projects. We urge Governor Murphy to sign this important legislation.<\/p>\n\n\n\n

\u201cThe shortage of affordable housing in New Jersey hurts everyone, especially low-income families and people of color. While the state\u2019s new affordable housing law<\/a> has been a major step forward, much more needs to be done.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

FSHC Calls on Governor Murphy to Maximize Funding, Sign Legislation Creating New Tax Credits for Housing Statement from Managing Director of External Affairs, Al-Tariq Witcher: \u201cSlashing the Affordable Housing Trust Fund, which is crucial to mitigating the harms of the ongoing housing affordability crisis, is a big mistake. Strong housing funding would have been particularly […]<\/p>\n","protected":false},"author":10,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16],"tags":[],"class_list":["post-3470","press-release","type-press-release","status-publish","format-standard","hentry","category-releases"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/press-release\/3470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/press-release"}],"about":[{"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/types\/press-release"}],"author":[{"embeddable":true,"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/comments?post=3470"}],"version-history":[{"count":0,"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/press-release\/3470\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/media?parent=3470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/categories?post=3470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fairsharehousing.org\/es\/wp-json\/wp\/v2\/tags?post=3470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}