FOR IMMEDIATE RELEASE
February 27, 2024
Contact:
Jag Davies, (786) 393-8100, comms@fairsharehousing.org
Budget Address: Gov. Murphy Re-Doubles Support For Affordable Housing Reform Legislation
Announces Additional Funding to Incentivize First-Generation Home-Ownership and Development of Accessory Dwelling Units
TRENTON – In today’s budget address, Governor Phil Murphy emphasized his commitment to proposed legislation (S50/A4) passed by the Assembly earlier this month to increase affordable housing production statewide over the next decade.
In anticipation of this legislation, Gov. Murphy announced increased funding for creating more affordable housing opportunities across New Jersey — including $15 million to help rental assistance recipients with pathways to homeownership and $10 million to incentivize municipalities to create new accessory dwelling units in partnership with nonprofits. This year’s budget also proposes $32 million for down payment assistance, which will prioritize first-generation homebuyers who have been excluded from generational wealth, building on the successful program passed as part of last year’s budget.
“I want to thank the members of our Legislature who are working with great intensity and determination to pass legislation that will accelerate the process for building new affordable housing units,” said Murphy.
The legislation would set a course for future enforcement of the Mount Laurel Doctrine, New Jersey’s constitutional requirement for every town to provide its fair share of affordable housing. By codifying and streamlining the affordable housing development process, it would reduce municipalities’ legal costs and enable towns to redirect municipal funding to house more people.
Below is a statement from James Williams, Director of Racial Justice Policy at the Fair Share Housing Center:
“Today’s remarks are promising for New Jersey families who are struggling to keep up with skyrocketing housing costs. The announcement of additional funding for affordable housing is a step in the right direction, though ultimately much more needs to be done to address our state’s dire housing shortage.
We particularly appreciate Gov. Murphy emphasizing his support for Senate Bill 50/Assembly Bill 4. The Assembly already has passed this crucial affordable housing legislation — we join Gov. Murphy’s call for the Legislature to complete its work and ask Senate leadership to put the bill on the Governor’s desk when the Senate next meets on March 18.
This legislation puts New Jersey on a path toward historic gains in affordable housing production over the next decade. By setting forth clear rules now, municipalities and everyone else involved will understand what’s needed to address New Jersey’s dire housing shortages. We look forward to working to get a final version of the bill on the Governor’s desk in the next month.”
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Fair Share Housing Center is a nonprofit advocacy organization that uses legal, policy, and community-building strategies to dismantle decades of racial and economic discrimination in New Jersey and nationally that excludes people from the opportunity to live in safe, healthy, and affordable housing.
