“The Housing and Community Development Network of New Jersey (the Network) has proposed a plan to invest in proven mechanisms that can turn our economy around; 104 nonprofit community developers and housing advocates have endorsed a set of recommendations aimed at addressing affordability and boosting the state’s economy.
They focus on six areas including: producing more affordable homes and improving neighborhoods, reducing the impact of foreclosures, preventing and ending homelessness, fostering healthy homes and communities, supporting the critical role played by the non-profit sector in both keeping people in a home and providing affordable homes, and tenants’ rights. Specifically, advocates are urging Gov. Phil Murphy and legislative leaders to restore $600 million annually into a strategic set of housing and community investments that have been siphoned away in recent years.”
New Jersey faces an affordable housing crisis exacerbated by its high foreclosure rate and increasingly high rents.
“Too many residents are struggling to make ends meet and when people are barely able to afford their rent or mortgage, they don’t spend on activities that stimulate the economy. New Jersey has plenty of luxury homes but we need more modest affordable rentals and starter homes for our diverse population.”
“Making investments that create affordable homes and revitalize communities delivers big returns.
“Recently, the National Association of Home Builders found that building 100 multi-family homes generates $11.7 million in local income, $2.2 million in taxes and other revenue for local governments, and 161 local jobs in the first year. Another investment making big returns is the Neighborhood Revitalization Tax Credit (NRTC) program. This $10 million dollar per year program leverages over $5 per dollar invested in some of New Jersey’s most distressed communities. Since its inception in 2002, it’s generated 2,524 jobs and over $3.9 million in property taxes. Imagine what can be accomplished if New Jersey were to expand that program.”
Berger reminded Murphy of his promises during his campaign to address New Jersey’s affordable housing crisis.
“During his campaign, Murphy outlined a plan to make home-ownership in the state more affordable and accessible. He also pledged to end the practice of diverting affordable home funding to other parts of the state budget, to expand counseling programs to keep people in their homes and repurposing foreclosed properties as affordable homes, and to increase tax credits to create new homes.
We can achieve these objectives. We can make New Jersey a place that thrives and where we can all afford to call home.”