The New Jersey Department of Community Affairs (DCA) has announced that over $108 million has been awarded to nonprofit organizations and developers through the Affordable Housing Trust Fund (AHTF) since the beginning of Governor Phil Murphy's administration. The fund aims to provide financial support for various affordable housing projects across the state.
DCA reports that AHTF funding has been allocated to 44 projects, resulting in the creation and preservation of 939 affordable housing units, including 153 homeownership opportunities. Governor Murphy expressed gratitude for the collaborative efforts of DCA, nonprofits, and developers in building stronger communities. "Each of these Affordable Housing Trust Fund projects has been meticulously designed to suit the needs of New Jerseyans across the state," said Murphy.
DCA Commissioner Jacquelyn A. Suárez highlighted the importance of stable housing: “Without safe, stable, affordable housing, people can become caught in a recurring cycle of housing insecurity.” She emphasized that the fund addresses critical needs to help residents achieve better quality lives.
Projects receiving AHTF awards were chosen based on criteria such as municipal support, partnerships with private investors, sustainability features, and strategies against gentrification. Most awards went to smaller projects with 25 or fewer units that often face financing challenges. These initiatives aim to enhance existing community assets and address local housing equity issues.
All funded units must remain deed-restricted for at least 20 years. The funds are distributed through three different channels within AHTF.
The Division of Housing and Community Resources within DCA remains committed to enhancing neighborhoods by providing affordable housing and supportive services. It also offers financial assistance for community development initiatives aimed at improving residents' quality of life.
