Almost 140,000 Low-Income Households in NJ Served by Housing Credit Homes
Nationwide, the Low-Income Housing Tax Credit (Housing Credit) has financed nearly 3.2 million rental units, providing approximately 7.4 million low-income households with homes they can afford.
In New Jersey, between 1986-2017, the Housing Credit has financed 59,194 rental units, providing 137,194 low-income households with homes they can afford.
Nationwide, the Housing Credit has supported approximately 3.6 million jobs and generated approximately $135 billion in tax revenue and $344 billion in wages and business income.
In New Jersey, the Housing Credit has supported 66,880 million jobs and generated approximately $2.5 billion in tax revenue and $6.4 billion in wages and business income.
These new national and state figures reflect the most recently available data, and are provided on the ACTION Campaign’s newly updated National Fact Sheet. Click here for an updated New Jersey Fact Sheet.
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 over 3 million apartments nationwide since 1986, providing about 7.4 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.
Though the Housing Credit has had a tremendous impact in New Jersey, much more affordable housing is still needed to meet the growing demand.
In New Jersey, 308,137 renter households pay more than half of their monthly income on rent, leaving too little for other expenses like health care, transportation and nutritious food
In order to afford a modest one-bedroom apartment, a minimum wage worker in New Jersey has to work 107 hours per week.
Over the next ten years, 7,799 additional affordable homes could be built in New Jersey through a 50 percent increase in Housing Credit allocation authority
The ACTION Campaign represents over 2,200 organizations and businesses working to address our nation’s severe shortage of affordable rental homes
The ACTION Campaign advocates for the expansion of the Housing Credit so that it can further address our nation’s severe shortage of affordable housing. The Affordable Housing Credit Improvement Act would provide a 50 percent increase in Housing Credit allocation authority, which would result in an estimated 384,455 additional affordable homes across U.S. states and territories over the next ten years.