NJ Receives Over $10 Million from National Housing Trust Fund

Funding building, rehabilitating, preserving, and operating rental housing

On April 29, 2020, the National Housing Trust Fund (HTF) FY20 allocations were published in the Federal Register.

These allocations include specific information for each state. New Jersey has been allocated $10,037,054.00 for FY 2020.
 
The NLIHC reports that at the national level a total of $322,564,268 was allocated. This total represents a 23% increase over the $247.7 million federal funding level in FY19. 
 
The breakdown of past national HTF allocations to New Jersey is:
  • $3,733,566 from the 2016 HTF formula,
  • $5,599,220 from the 2017 HTF formula, 
  • $7,726,903 from the 2018 HTF formula.
  • $6,968,067 from the 2019 HTF formula.
In 2018, 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.
 
 
The HTF is the first new housing resource since 1974 targeted to the building, rehabilitating, preserving, and operating rental housing for extremely low-income people.
 
The HTF was established in 2008 but were not funded by Fannie Mae and Freddie Mac before they were placed into conservatorship. In late 2014, the FHFA, which oversees Fannie Mae and Freddie Mac, independently determined that their financial operations stabilized to a sufficient level to permit contributions to the HTF.
 
Click here to read more about the HTF including information about the housing needs in New Jersey.  You can select a state to explore data.