Gov. Murphy Announces $200M For Housing Affordability In 2022

NEW JERSEY — The New Jersey budget for 2022 will include $200 million in funding for a comprehensive housing affordability strategy, Governor Phil Murphy announced.

State funds will allow for the financing and construction of hundreds of new affordable housing units.

They will also provide housing assistance for low-income New Jerseyans, help end homelessness, expand mortgage and down payment assistance for low-income families and essential workers and help speed approval of new affordable housing units.

“I am proud that this budget enables us to advance a broad housing affordability strategy," Governor Murphy said. "By making these investments, we can ensure greater housing security for New Jersey’s low-income families, help many first-generation homeowners begin to build wealth through homeownership, and greatly expand our stock of affordable homes.”

In addition to the $200 million, over $2 billion in federal funds are being dedicated to assisting with New Jersey’s housing recovery.

This money has been allocated to helping homeowners avoid foreclosure, providing emergency rental assistance and homelessness prevention, and assisting with utility arrearages.

“While we continue our state’s recovery from COVID-19, we must also invest in housing stability and affordability for the longer term across New Jersey,” Murphy said.

Lieutenant Governor Sheila Oliver, who serves as Commissioner of the New Jersey Department of Community Affairs, has also supported this investment.

“Quality, stable housing that people can actually afford has the incredible ability to transform lives and communities,” Oliver said. “The State’s unprecedented multi-billion-dollar investment in housing will not only address the tremendous impact that COVID-19 has had on our renters and homeowners in New Jersey, but will also expand our existing housing programs and create new ones.

Other officials have emphasized the importance of supporting the community while people recover from the effects of the pandemic.

"This investment could not come at a more important time, as rent and home prices are skyrocketing - concurrent with a pandemic that has disproportionately impacted communities of color long been denied fair access to housing in New Jersey," Adam Gordon, Executive Director of Fair Share Housing Center, said.

Here is how the $200 million investments break down:

• Affordable Housing Trust Fund Production — $60 million
• State Rental Assistance Program — $43.5 million
• Lead safe homes — $1o million
• Permit process modernization — $5 million
• Office od Homelessness prevention — $3.25 million
• Newark Homeless Housing Program — $3 million
• State rental assistance pilot for expecting mothers — 2 million
• Hudson County Housing First Pilot Program — $1 million
• Gap financing — $22 million
• Downpayment assistance — $20 million
• Special Needs Housing Trust Fund — $20 million
• Risk Share Program — $10 million
• Foreclosure Mediation Assitance Program — $1 million

“New Jersey has dealt with a formidable housing crisis for many years before the pandemic. As we move away from renter and homeowner protections enacted during Covid-19, we will see more residents struggle with housing in the next year,” said Assemblyman Benjie Wimberly, Chair of the Assembly Housing Committee. “This budget’s investment into housing affordability, lead-free homes, homelessness as well as foreclosure mediation programs is a well-rounded approach to ensuring residents have the support needed to keep their home or to acquire one.”