The Murphy administration recently awarded nearly $27 million to develop affordable housing projects around the Garden State.

The funds, announced March 5, come through the Affordable Housing Trust Fund (AHTF). Administered by the state Department of Community Affairs (DCA), the awards will result in some 87 affordable rental and homeownership housing units.

Gov. Phil Murphy says the action marks the latest step as part of his administration’s pledge to retool the state’s affordable housing system.

“The award of more than $26 million through the Affordable Housing Trust Fund is the most recent example of that pledge in action,” said Murphy. “We will continue to prioritize our efforts on this front until all working people and families in our state can find a safe and affordable place to call home.”

Officials note that all of the awards went to smaller rental and homeownership housing projects with 25 or fewer units, which often have difficulty obtaining financing.

The DCA says that these projects fill gaps within the affordable housing framework. They also build on current assets and investments, adding value to neighborhoods and developed by community-based organizations with strong community connections.

“Each of these development projects represents a contemporary, safe, accessible, and affordable home where families can live and children can thrive,” said DCA acting Commissioner Jacquelyn Suarez.

Suarez also serves as the DCA director of the Division of Local Government Services.

The AHTF grants were awarded through three funds:

• Municipal Settlement Fund, which helps municipalities create smaller-scale projects that fit into the landscape of their neighborhoods. It also assists them in fulfilling their court approved affordable housing settlements.
• Neighborhood Partnerships Fund, which supports the development of affordable housing in Qualified Urban Aid Towns. In particular, it targets projects that leverage other existing resources to strengthen their neighborhoods.
• Innovation Fund, which assists inventive projects that may not fit under the umbrella of the other two funds – but still creatively advances the state’s housing goals.

The full list of recipients is available here.

“Through this transformative investment, we will strengthen neighborhoods, create more diverse communities, and promote economic growth,” said Suarez.

See also:

• Affordable housing overhaul passes Assembly
• Camden affordable housing Northgate set for overhaul following sale (updated)
• Legislation to rework affordable housing in NJ seeks to streamline process