Housing Credit Helping Develop and Preserve 59,194 Homes in NJ

McCoy Place in Franklin Lakes, Funded in Part Through Housing Credit

Housing Development Highlighted as Policy Priority at July 24 Congressional Reception

The theme of this year’s Congressional Reception was Opportunity Starts at Home: Building a Necessary and Secure Foundation for Healthy Communities. The Opportunity Starts at Home Campaign, spearheaded by the National Low Income Housing Coalition (NLIHC), is designed to address the needs of renters and low-income households in our communities.

This year’s Federal Policy Priorities were around the following key areas: Housing and Services, Medicaid, Affordable Homes, Fair Housing, and Housing Development.
 
Under the key area of Housing Development, the specific requests to our elected officials invited to the 2019 Congressional Reception include: 
 
Low Income Housing Tax Credit (Housing Credit) – We request that our elected officials expand and improve the Housing Credit to better target resources to households with the greatest needs and to increase the availability of safe and affordable housing. The Housing Credit is responsible through financing for nearly all of the affordable housing built and preserved since the program was authorized through tax reform in 1986.
 
The ACTION Campaign’s district fact sheets, which show the impact of the Housing Credit for each congressional district, are updated with the latest available data. Advocates in New Jersey can use these district fact sheets when meeting and talking with representatives in D.C. or at home during August recess.  
 
The August recess continues until Monday, September 9, 2019.  It is not too late to contact your representatives and schedule a meeting in the district over the next three weeks.  All members of New Jersey’s delegation and their staff, invited to the July 24 Congressional Reception received information about the 2019 Policy Priorities and should be familiar with the ask around the Housing Credit.
 
Click here for the updated NJ fact sheet.
 
Click here for the fact sheets for each of NJ’s 12 Congressional Districts.
59,194 homes in New Jersey.
 
According to the ACTION Campaign’s newly updated NJ fact sheet, between 1986-2017, the Housing Credit has helped develop or preserved 59,194 homes in New Jersey.  These homes serve 137,922 low-income household, supported 66,889 jobs, and generated $2.5 billion in tax revenue.
 
As just one example of the Housing Credit funded homes in NJ, in January 2019, the Borough of Franklin Lakes held a ribbon cutting ceremony for McCoy Place.  McCoy Place is an affordable, high-quality, supportive community for persons with disabilities.  The development includes 39 one-bedroom apartments.  The project’s other funding sources included Housing Credit equity through the New Jersey Housing Mortgage and Finance Agency (NJHMFA) and Enterprise Community Investment. Monarch Housing Associates served as the Housing Consultant to the McCoy Place Project.
 
The Housing Credit, combined with other key resources, has had a tremendous impact in New Jersey.  However, 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 work.
 
To address our nation’s severe shortage of affordable housing here in NJ, 7,799 additional affordable homes could be built in our state over the next ten years through a 50% increase in Housing Credit allocation authority.
 
In addition to the NJ Fact Sheet, the district fact sheets are a useful advocacy tool for the Housing Credit,  providing the estimated additional affordable homes that could be built over the next ten years in each state through a 50 percent increase in Housing Credit allocation authority, which is a provision of the 2019 House bill (H.R. 3077).  
 
As of today, one member of New Jersey’s congressional delegation, U.S. Rep. Jeff Van Drew (D-NJ-2), has signed on as a cosponsor of the bill.  If you are communicating or meeting with your Representative during the August recess, please urge your Representative to join Rep. Van Drew as a cosponsor of H.R. 3077.
 
The ACTION Campaign represents over 2,200 organizations and businesses working to address our nation’s severe shortage of affordable rental housing by supporting the Low-Income Housing Credit.   Monarch Housing Associates is one of the NJ members of the Campaign.
 
For any questions about finding or using ACTION resources, including the updated district fact sheets, please email alessandro@enterprisecommunity.org.