The New Jersey Apartment Association (NJAA) on Friday expressed its support of the Legislature for passing Senate Bill 2332/Assembly Bill 3956, which would establish the 2020 New Jersey Emergency Rental Assistance Program.
NJAA also urges Gov. Phil Murphy to sign the legislation as soon as possible, as state and federal rental assistance for those impacted by COVID-19 is necessary to help tenants, landlords, municipalities and the entire multifamily ecosystem.
This program expands the current Homelessness Prevention Program to assist not only low- and moderate-income families, but also middle-income New Jerseyans and those in workforce housing.
“This bill will truly help those in need by utilizing the infrastructure of an existing rental assistance program, maximizing the dollars allocated, and mitigating the potential for fraud. The sponsors deserve a lot of credit for this thoughtfully crafted legislation,” said David Brogan, executive director of NJAA.
Brogan said that without rent revenue, tenants will lose their homes and property owners won’t be able to pay their financial obligations.
This legislation does a great deal toward addressing all of those problems, plus helps to have municipalities keep their much-needed property tax revenue.