In his 2025 Budget Address, Governor Murphy noted the “skyrocketing cost of housing” as a key issue impacting families’ budgets. In response, Fair Share Housing Center issued the following statement from managing director of external affairs, Al-Tariq Witcher:
«We applaud Governor Murphy’s focus on addressing New Jersey’s housing crisis, on the heels of landmark legislation enacted last year to streamline and strengthen enforcement of the Mount Laurel Doctrine. The shortage of affordable housing in New Jersey hurts everyone, especially low-income families and people of color. While the state’s new affordable housing law is a major step forward, much more needs to be done.
“We look forward to seeing more details of the budget proposal and call on the Governor and Legislature to make necessary investments — especially increasing funding for the Affordable Housing Trust Fund and providing funding to continue the successful first-generation homeownership program.
“Funding for both the Affordable Housing Trust Fund and first-generation homeownership program is essential to mitigating the harms of the ongoing housing affordability crisis. Providing strong housing funding will be particularly valuable this year, as municipalities are working to develop plans for how to meet affordable housing needs over the next decade.
“New Jersey should fully fund the Affordable Housing Trust Fund and not return to the days of raiding the Trust Fund for other budget programs. This is often the only source of funds for smaller developments, which do not qualify for federal funding.
“While we applaud Governor Murphy for proposing an increase on fees for million-dollar homes, that funding should be dedicated to New Jersey’s growing housing crisis — and not general purposes. An additional fee on million dollar homes could generate as much as $616 million annually for affordable housing — which would start to generate the scale of resources needed to face the problem.
“It’s also crucial for New Jersey to continue funding the successful Down Payment Assistance and First-Generation Homebuyers programs at a minimum of $40 million annually. These programs — which are showing more progress in shrinking the racial wealth gap than traditional first-time homeownership programs — are crucial in closing New Jersey’s racial wealth gap. While we are glad to see the Governor’s focus on this program, it’s critical to ensure this funding is in addition to the Affordable Housing Trust Fund — and not instead of it.”
