Gov. Phil Murphy was joined by Lt. Gov. Sheila Oliver, U.S. Rep. Andy Kim, D-3rd District, and several other lawmakers and officials in Moorestown to promote the Affordable Housing Production Fund, which was unveiled as part of the administration’s fiscal year 2023 Budget.
The proposed fund would invest $305 million in federal American Rescue Plan funding in the hopes of creating 3,300 new affordable housing units across 43 developments statewide.
“Every family deserves an affordable place to call home,” Murphy said. “By funding the creation of over 3,300 new affordable units, we’ll ensure that families have access to stable housing across the Garden State and work to meet our statewide obligations in the process.”
The AHPF will also work to eliminate the state’s backlog of projects by allowing for the completion of all affordable housing projects that have yet to be built.
The plan calls for 1,700 new homes for families, more than 1,100 for senior citizens, and nearly 550 for those who need greater community support, such as people with developmental or physical disabilities and survivors of domestic abuse.
All projects must meet the criteria of the Mount Laurel doctrine, which requires municipalities to make sure there are opportunities for the creation of new affordable housing.
“The Affordable Housing Production Fund will be a truly historic investment for housing in our state,” Oliver said. “The scarcity of affordable housing in New Jersey isn’t going to be resolved until we start supporting the working people who are the foundation of the economy. They need more inventory of housing they can afford. And the only way to meet this critical need is to build decent housing.”
“For young people and families looking to put down roots here in New Jersey, there is no stronger foundation than having a place to call home,” Kim said. “I’m glad to see the Murphy-Oliver Administration using American Rescue Plan Money to make a real difference in people’s lives by investing in safe, affordable housing. These 3,300 new homes will have far reaching effects: creating jobs, helping small businesses, and generating upward mobility for working families around the state.”
The announcement comes as the battle heats up in Trenton to debate and examine Murphy’s record-setting $48.9 billion plan.
“We are thrilled that Governor Murphy has proposed a historic $300 million investment in already-approved 100 percent affordable projects from Mount Laurel settlements,” said Alex Starpoli, Director of Advocacy and Communications at Fair Share Housing Center. “The Mount Laurel Doctrine and the homes that result from its enforcement are essential safeguarding access to affordable housing and economic opportunity for low- and moderate-income New Jerseyans.”