Three Quarters Extremely Low-Income NJ Residents Pay Over Half Their Income on Rent
According to a national report, 75 percent of New Jersey’s extremely low income renters spend more than half of their limited income on rent and utility costs. Nationwide, the average is 71 percent. Released today jointly by the Housing and Community Development Network of New Jersey (the Network) and the National Low Income Housing Coalition (NLIHC), The Gap: A Shortage of Affordable Homes shows how difficult it is for NJ’s low income renters to find homes that are affordable in the current rental market.
NLIHC conducts research each year to assess the availability of home affordable to different income levels throughout the country. This year's analysis continues to show that the poorest households in our nation face the largest shortage of affordable and available rental housing and have more severe housing cost burdens than any other group. In NJ, there are only 29 affordable homes available for every 100 households. Nationally, there are 35 affordable homes available for every 100 households.
“Our elected officials need to make long-term investments to create opportunities for our residents and help grow the economy at the same time,” said Berger. “It doesn’t matter where you live: when we invest in homes we can afford in the communities where we work and live, we are investing in our families, friends, and neighbors.”
New Jersey’s Affordable Housing Trust Fund and the National Housing Trust Fund (NHTF) as two methods of addressing the gap between the need for affordable homes and their availability. Funding for housing development through the State’s Affordable Housing Trust Fund has become nonexistent under the Christie Administration. At the federal level, the NHTF was authorized by Congress in 2008, but only recently began to receive some funding. The Network is an endorser of the “United for Homes,” a campaign to fund the NHTF with revenue raised from modifications to the mortgage interest deduction.
The Gap: A Shortage of Affordable Homes report is available at http://nlihc.org/research/gap-report. For more information on the United for Homes campaign, visit: www.unitedforhomes.org.
About the Housing and Community Development Network of NJ
For more information: Nina Arce