NJ puts $45M back into affordable housing pot after removal
Affordable housing trust fund partially refilled after being gutted, but developers say it's not enough.
New Jersey's Affordable Housing Trust Fund, which was gutted to a mere $5 million during budget talks in June, is partially being refilled with $45 million, according to the Department of Community Affairs. While this is a step in the right direction, developers are saying that it still falls far short of what is needed.
The original gutting of the trust fund sparked outrage from builders, housing advocates, and local officials. The $125 million fund was meant to support affordable housing projects, but was drastically reduced during budget negotiations.
The $45 million that is now being put back into the program is expected to support 10 to 20 projects. Additionally, $10 million has been specifically designated for Habitat for Humanity, an organization that provides homeownership opportunities. However, developers say that this is still not enough to address the state's affordable housing crisis.
"The money being put back into the trust fund is just a fraction of what is needed to make a real impact," said a developer who wished to remain anonymous. "It's a good start, but there needs to be more substantial and sustained efforts to address the issue."
This move by the Department of Community Affairs is seen as a way to appease the public outcry over the gutting of the trust fund, but it may not be enough to satisfy developers and housing advocates.
https://therealdeal.com/new-york/tristate/2025/09/03/nj-puts-45m-back-into-affordable-housing-pot-after-removal/