Bill > S2723

This bill appropriates $125 million from the General Fund to the "New Jersey Affordable Housing Trust Fund" (NJAHTF), which is a dedicated fund established to support the creation and preservation of affordable housing in the state. The purpose of this appropriation is to replenish funds that were previously diverted from the NJAHTF, aiming to restore its funding levels to what they would have been without those diversions through the State Fiscal Year 2026. The money allocated by this bill is intended to be used for awarding grants and loans to support housing projects and programs in municipalities that have successfully met state requirements for affordable housing development, specifically those whose "fair share plans" (plans detailing how a municipality will meet its affordable housing obligations) and "housing elements" (sections of a municipality's master plan addressing housing needs) have received compliance certification. Additionally, these funds can be used for other purposes already authorized for the NJAHTF, as outlined in a specific section of state law (P.L.1985, c.222).

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S2723