35% Increase in Housing Trust Fund Over 2017 Allocation Will Preserve Affordable Homes and Create New Housing Opportunities
On June 5, 2018, the U.S. Dept. of Housing and Urban Development (HUD) published the FY18 allocations for the national Housing Trust Fund (HTF) in the Federal Register. In total, $266 million will go to all 50 states, five territories, and Washington D.C. to preserve and create affordable homes.
New Jersey will be allocated $7,726,000 for 2018. This is about a 35% increase from the amount that New Jersey was allocated in 2017 which was $5.6 million.
New Jersey needs the funds from the HTF to address the state’s affordable homes crisis and increase and preserve rental housing as well as offer home ownership opportunities for low-income families.
The total national 2018 allocations represent a 22% increase from the 2017 allocations and a remarkable 45% increase from the inaugural 2016 allocations. California will receive the largest allocation for 2018, at over $36 million. New York State will receive over $22 million.
The 2018 allocations were originally announced in May by HUD’s Office of Community Planning and Development (CPD).
CPD also announced the amount that states and local grantees will receive from CPD’s grant programs, including Community Development Block Grants and HOME Investment Partnerships Program.
The Housing Trust Fund was created for the purpose of:
- Increasing and preserving the supply of rental housing for extremely low-income families
- Increasing homeownership for the extremely low-income and very low-income families
If you are passionate about helping New Jersey in its current housing crisis, you should attend the 2018 Congressional Reception to let your elected officials know.
On July 25th, a Congressional Reception will be held at the Dirksen Senate Auditorium in Washington D.C. This event will allow New Jersey Residents who are working poor, below the poverty line and or impacted by homelessness to urge their elected officials in Washington to make No Cuts to Housing and remind them that pOportunity Starts at Home.
Register today to attend the Congressional Reception.
Click here for more information about the Congressional Reception. You can also follow @OppStartsatHome in order to learn more about the National Low Income Housing Coalition’s Opportunity Starts at Home Campaign. Follow the event with these hashtags #NJHillDay #NoHousingCuts and @OppStartsatHome.