NJ to Receive Almost $8 Million from National Housing Trust Fund to Create New Affordable Housing
The U.S. Dept. of Housing and Urban Development (HUD) Office of Community Planning and Development (CPD) announced how $266.8 million in national Housing Trust Fund (HTF) resources are allocated in 2018 to each state, the District of Columbia, Puerto Rico, and the Insular Areas. New Jersey/s FY18 Allocation is $7,726, 903.
The total allocation is a 22% increase from the 2017 allocation and a 45% increase from the inaugural 2016 allocation.
CPD also announced the amounts states and local grantees will receive from CPD’s other formula grant programs:
- Community Development Block Grants (CDBG),
- HOME Investment Partnerships Program (HOME),
- Emergency Solutions Grants (ESG), and
- Housing Opportunities for Persons with AIDS (HOPWA).
The national Housing Trust Fund (HTF) is the first new housing resource since 1974 targeted to building, rehabilitating, preserving, and operating rental housing for extremely low income people.
NLIHC, its members, and other stakeholders played a critical role in the creation of the national Housing Trust Fund through the passage of the Housing and Economic Recovery Act of 2008.
In 2016, the first $174 million in HTF dollars were allocated to states. In 2017, $219 million is available. These initial allocations are important steps, but far more resources are needed.
NLIHC leads the Housing Trust Fund Implementation and Policy Group, a coalition of national advocates committed to protecting and expanding this new resource. NLIHC works with stakeholders to build Congressional support to increase funding for the HTF through tax reform, housing finance reform, investments in infrastructure, and other legislative opportunities.
Monarch Housing in partnership with organizations across the state are planning a Congressional Reception in Washington DC on Wednesday, July 25. The Congressional Reception is a wonderful opportunity to let our elected officials know how important the HTF is and how critical it is to continue to fully fund it.