Data for each NJ Congressional District is available at the bottom of this post.
But despite these benefits, there is still an affordable housing need in New Jersey. Although the Housing Credit has had a tremendous impact in New Jersey, much more affordable housing is still needed.
providing affordable homes to 6.7 million low-income families and supporting 3.25 million jobs.
However, 11.4 million households still pay more than half of their income towards rent, and the average minimum wage worker has to work 91 hours per week in order to afford a modest-two bedroom apartment, underscoring the need to expand the Housing Credit.
The Housing Credit is a proven solution to help address the affordable housing crisis. It is our nation’s most successful tool for encouraging private investment in affordable rental housing. It has financed nearly 3 million apartments since 1986, providing roughly 6.5 million low-income families, seniors, veterans, and people with disabilities homes they can afford. Without the Housing Credit, it would be financially infeasible for the private sector to build affordable homes for the families that need them most.
However, viable and sorely needed Housing Credit developments are turned down each year because Housing Credit resources fall far short of the demand. On average, state Housing Credit allocating agencies receive applications requesting more than three times their available authority. With more Housing Credit resources, we could make a meaningful step towards addressing our nation’s vast and growing affordable housing needs.
The A Call to Invest in Our Neighborhoods (ACTION) Campaign is a national, grassroots coalition of roughly 1,300 national, state, and local organizations and businesses calling on Congress to expand the Housing Credit.