The Murphy Administration announced the award of $16.12 million to organizations across the state through the Affordable Housing Trust Fund (AHTF). The fund is administered by the New Jersey Department of Community Affairs (DCA) and provides financial assistance for the development of different types of affordable housing projects to create stronger, fairer communities in which people can afford to live.
“My administration is committed to creating a path to opportunity and prosperity for everyone in New Jersey. This path must include housing that is affordable to the individuals and families who call this great state home,” said Governor Phil Murphy. “Today’s Affordable Housing Trust Fund awards announcement demonstrates that we are putting meaningful resources behind our words to help create more than 100 affordable housing units around New Jersey. We look forward to seeing these projects completed in the near future and to the future affordable housing that is developed as a result of this important trust fund.”
“As DCA Commissioner, I’ve had the chance to see on numerous occasions the incredibly positive impact affordable housing has on people’s lives. When a person has stable, quality housing, they are able to take advantage of so many other opportunities,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner. “This is why I am proud of the work DCA is doing to utilize the Affordable Housing Trust Fund for its intended purpose. Through this fund, we are helping more people gain access to affordable and decent housing, including veterans, minorities, and victims of domestic violence.”
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The projects selected for 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.
All the awards were given to smaller rental and homeownership housing projects sized at 25 or fewer units, which often have difficulty obtaining financing. These projects will fill the gaps within the existing affordable housing framework, build on current assets and investments, and add 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 is 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-approved affordable housing settlements;
- Neighborhood Partnerships 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.