This Year’s HTF Allocation Brings a Total Investment of Over $24 Million to NJ Since 2016
The U.S. Dept. of Housing and Urban Development (HUD) has posted national Housing Trust Fund (HTF) allocations for FY19 on April 16. New Jersey received a FY 2019 allocation of $6,968,067. An Excel document from HUD shows the FY19 HTF allocation for each state.
This $245 million is a portion of the 4.2 basis point assessments on the volume of new business of Fannie Mae and Freddie Mac during calendar 2018 that go to the HTF. As anticipated, the FY19 allocations were less than the FY18 allocations given that Fannie Mae and Freddie Mac did less business this year.
Earlier this month, Federal Housing Finance Agency (FHFA) Acting Director Joseph Otting announced that he had authorized the disbursement of Fannie Mae and Freddie Mac’s 2018 allocations to HUD for the national HTF. This announcement came after a month long delay in the transfer of mandatory funding to the affordable housing fund.
Including the FY 2019 allocation, New Jersey has received a total of $24,027,756 in HTF funding since 2016.
The breakdown of the past national HTF allocations to New Jersey is:
- $3,733,566 from the 2016 HTF formula,
- $5,599,220 from the 2017 HTF formula, and
- $7,726,903 from the 2018 HTF formula.
In 2018, the NLIHC reported that six projects in New Jersey used HTF grant awards to build or preserve a total of 20 rental homes for extremely low income households. A project in Millstone, New Jersey is featured in NLIHC’s Getting Started report. New Jersey had five “medium” sized awards – amounts greater than $500,000 but equal to or less than $1 million.
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