Protect the Affordable Housing Trust FundThe proposed FY2022 budget has some very important housing investments that help address New Jersey’s racial and economic disparities, including increased funding for emergency Code Blue resources, rental assistance for new moms and support for LGBTQ folks experiencing housing insecurity. We enthusiastically endorse these proposals in the budget. However, we oppose diverting $57 million from the Affordable Housing Trust Fund and moving funds intended to create affordable homes for lower-income New Jerseyans to other programs that benefit higher-income residents. After a decade of disinvestment, the Trust Fund is poised to reach our Build a Thriving NJ campaign goal of $125 million. Our members are finally able to access these funds to produce quality, affordable home ownership and rental housing choices. We can't allow the fund to be raided! The budget should keep all the AHTF funds in the AHTF, and reserve them to be used for innovative opportunities to create a variety of homes for people and 79 percent of NJ residents agree.
We share Gov. Murphy’s goal of increasing homeownership and housing stability for all New Jerseyans, and especially to address the racial wealth gap. These important goals can be achieved without diverting resources from the Affordable Housing Trust Fund. Community Reinvestment Act mortgage products for first-time homeowners often include down payment assistance and other options that make homeownership more affordable for lower income residents and in lower income neighborhoods, click here for more information. This proposal to raid the AHTF means gutting the Fair Housing Act’s intent to serve lower income residents and risking increased gentrification without actually building a single new affordable home in the Garden State. There are much better choices for these funds to be used to achieve similar goals. Read the Network's Budget Testimony Submitted to the Legislature Here
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