The N.J. Department of Community Affairs recently announced that more than $108 million has been awarded to nonprofit organizations and developers across the state through the Affordable Housing Trust Fund since the start of the Murphy Administration.
The fund is administered by DCA and provides financial assistance for the development of different types of affordable housing projects that the DCA hopes will create stronger, fairer communities in which people can afford to live.
DCA has awarded AHTF funding to 44 projects, helping to create and preserve 939 affordable housing units. This number includes 153 affordable homeownership opportunities.
“Each of these Affordable Housing Trust Fund projects has been meticulously designed to suit the needs of New Jerseyans across the state,” Murphy said. “We are grateful for the partnership of the Department of Community Affairs, as well as the nonprofits and developers helping us build stronger, fairer communities and putting the American Dream back into reach for generations of working families.”
The projects selected for AHTF awards demonstrated strong municipal support, participation in other state-funded community development initiatives, partnerships with private sector investors, sustainability/resilience, walkability, mixed-use, accessibility, and thoughtfulness in addressing gentrification.
With the exception of three projects, AHTF awards were given to smaller rental and homeownership housing projects sized at 25 or fewer units, which often have difficulty obtaining financing. These projects are filling the gaps within the existing affordable housing ecosystem, building on current assets and investments, and adding value to neighborhoods. The projects are also being developed by community-based organizations that have a strong connection to the housing equity issues in their communities.
All housing units receiving AHTF funding must be deed-restricted for a minimum of 20 years.
The AHTF dollars are allocated through three funds:
- Municipal Settlement Fund, which helps municipalities create smaller-scale projects that fit into the landscapes of their neighborhoods and assists them in fulfilling their court-sanctioned affordable housing settlements;
- Neighborhood Partnership Fund, which supports the development of affordable housing in Qualified Urban Aid Towns, particularly projects that leverage other existing resources to strengthen their neighborhoods; and
- Innovation Fund, which assists inventive projects that may not fit under the umbrella of the other two funds but that creatively advance the State of New Jersey’s housing goals.
The state listed nearly 50 award recipients, five of which were given more than $5 million:
- $6 million: Lake Tappan Urban Renewal: Construct 25 family affordable rentals in River Vale;
- $6 million: Camden Lutheran Housing: Acquire and construct 13 homeowner units in Camden;
- $5.9 million: Montvale Family Apartments: Construct two buildings containing a total of 25 rental units in Montvale;
- $5.87 million: E& B Housing: Construct three buildings containing rental units in Haddondfield.
- $5 million: Madeline Housing Partners: Construct 15 special needs housing units in Mahwah.
DCA Commissioner Jacquelyn Suárez said housing needs are essential.
“Without safe, stable, affordable housing, people can become caught in a recurring cycle of housing insecurity that affects their ability to hold a job, go to school, provide food, and maintain their health. These challenges can begin to feel insurmountable,” she said.
“Through the Affordable Housing Trust Fund, we are making headway in addressing this critical need so that our fellow New Jerseyans can achieve healthy, high-quality, and productive lives.”
