$60 Million Will Develop Affordable Housing, Strengthen Neighborhoods, and Stimulate Development
On February 19, 2020, the Murphy Administration announced its plan for the $60 million in Affordable Housing Trust Fund (AHTF) funding.
“Ensuring that every New Jerseyan has a safe, affordable place to call home is a core principle of my Administration’s vision for a stronger and fairer New Jersey,” said Governor Murphy.
- The Municipal Settlement Fund, comprising approximately 50% of the AHTF, will help municipalities create smaller-scale projects that fit into the landscapes of their neighborhoods and assist them in fulfilling their court-sanctioned affordable housing settlements.
- The Neighborhood Partnerships Fund will dedicate approximately 40% of the AHTF funds to support the development of affordable housing in Qualified Urban Aid Towns, particularly those projects that leverage other existing resources to strengthen their neighborhoods.
- The Innovation Fund will dedicate approximately 10% of the AHTF funds for innovative projects that may not fit under the umbrella of the other two funds but that creatively advance the State’s housing goals.
- Advance equity in addressing housing needs,
- Encouraging leverage of other public and private resources, and
- Allow a flexible structure for funds to be used to get projects done.