Gov. Murphy Signs Historic Investment & Resources for Affordable Homes & Community Development


Gov. Murphy Signs Historic Investment & Resources for Affordable Homes & Community Development  

Together, we made history! Governor Phil Murphy signed the state budget which includes a historic investment in the Affordable Housing Trust Fund. This is the first time in nearly a decade that funds intended for creating affordable homes will be spent as intended: making our state a place everyone can afford to call home. The good news doesn't end there though! The governor has also signed the following policy initiatives, supported by legislative leaders and champions, into law:

  • Expansion of the Neighborhood Revitalization Tax Credit Program Cap 
    We're excited that the governor signed legislation to increase the tax credit allocation to $15 million. This means more investment in our communities! NRTC is a tax credit with a track record of success that we have been trying to increase since 2010. The Network is still working with the Murphy Administration on ensuring efficiencies within the program, so please stay tuned about future changes.

  • Land Banking 
    After being vetoed on three separate ocasions by Gov. Chris Christie, the bill to permit municipal land banking has been signed into law by Governor Murphy. We're thrilled that NJ municipalites can now have another important tool in their efforts to address vacant, abandoned, and nuisance properties. We look forward to helping our municipal partners and our members use this new tool.

This is a historic summer for community development in NJ and we thank all our members, partners, supporters, and legislative champions for all the work you have done over the years to make this happen. The phone calls, e-mails, legislative visits, Legislative Day participation.... it has made an impact and made all the difference. Congratulations everyone!

Continue to follow us and check your e-mails for news on these and upcoming policy initiatives!

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