NJ Assembly Committee Invites Network to Share Insight into Housing Affordability Crisis
Assembly Housing and Community Development Committee hosts special hearing on fighting poverty

1/27/2016

The Housing and Community Development Network of New Jersey (the Network) and other housing advocates and partners, were invited to testify today before the New Jersey Assembly Housing and Community Development Committee on the housing needs and problems faced by residents living in and transitioning out of poverty. At the hearing, Network President and Chief Executive Officer Staci Berger issued the following statement:

“The housing affordability and foreclosure crisis continues to burden our economic recovery. In the last year, more than 35,000 New Jersey families faced foreclosure. Since home ownership represents the single biggest investment most people make, the foreclosure crisis hits lower income residents on the edge of economic survival the hardest. For renters, a family must earn an hourly wage of $25.17 - far more than the state’s average hourly wage of $16.92 - just to afford a modest two bedroom rental.

“Our housing market is so out of balance that it has created fierce competition for quality affordable homes. State leaders need to invest in ways to create more homes, including preserving money from the Affordable Housing Trust Fund. We also need investments in foreclosure prevention measures like housing counseling and stronger incentives for mortgage modification to help families stay in their homes.

“We want to thank the Committee, Chairman Green and Speaker Prieto for organizing and hosting these hearings. The Legislature has tried to help solve these problem facing our state, however, under the current administration we’ve been unable to make progress. Our nurses, police officers, teachers, administrative assistants, and all who are the backbone of our state’s economy need homes they can afford, so we hope today will help jump start that progress.”

About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 250 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.

For more information:  Nina Arce
(609) 393-3752 x1200
Website:  hcdnnj.org
Twitter site:  twitter.com/hcdnnj
Facebook site:  facebook.com/hcdnnj