Politics & Government
New Jersey Budget Proposal Reduces Backlog In Need For Affordable Housing
More than 3,000 new affordable housing units in 43 developments to be built, eliminating state backlog before end of Murphy's second term.
(The Center Square) – More than 3,000 new affordable housing units in 43 developments across New Jersey are to be built, eliminating a state backlog before the end of Democratic Gov. Phil Murphy’s second term should his budget proposal pass as intended.
Along with fellow Democrats Lt. Gov. Sheila Oliver and District 3 Congressman Andy Kim, Murphy was in Moorestown on Monday to share information on his proposed $335 million Affordable Housing Production Fund program. It is in his fiscal year 2023 budget and utilizes $305 million from the federal American Rescue Plan Act; the remaining $30 million comes from the state Affordable Housing Trust Fund.
Find out what's happening in Across New Jerseyfor free with the latest updates from Patch.
Murphy’s administration, in a news release, said the AHPF creates about 1,700 new homes for families; more than 1,100 new homes for seniors; and nearly 550 new homes for those “who need greater community supports, including people with developmental or physical disabilities and survivors of domestic abuse, among others.”
“The Affordable Housing Production Fund is a transformative proposal to make New Jersey more affordable for more than 3,300 families and help towns across the state meet their housing obligations,” New Jersey Housing and Mortgage Finance Agency Executive Director Melanie Walter said in the news release. “By the end of the Murphy-Oliver administration’s second term, this program, leveraged with other state production programs, will produce approximately 10,000 new safe, affordable, high-quality homes for New Jersey residents.”
Find out what's happening in Across New Jerseyfor free with the latest updates from Patch.
The news release said Murphy’s budget aims to make New Jersey more affordable, with the proposed Affordable New Jersey Communities for Homeowners and Renters program set to distribute $900 million in property tax relief to almost 1.8 million homeowners and renters.
Murphy presented his record-setting $48.9 billion budget proposal to the Democratic-controlled Legislature last month. The document and any amendments are to be approved before the fiscal year begins July 1.
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