TRENTON – Legislation sponsored by Senator Jim Beach to provide tax credits to developers who construct rental housing for veterans was released today by the Senate Military and Veterans Affairs Committee.
The bill, S-3079, grants tax credits to developers who build rental housing for New Jersey veterans. The New Jersey Housing and Mortgage Finance Agency in the Department of Community Affairs, working with the Department of Military and Veterans Affairs would administer the program. The tax credit may be up to 10 percent of the developer’s costs for developing veterans’ housing.
“This bill highlights the fact that we need to do more to help our men and women coming home from the battlefields of Iraq and Afghanistan,” said Beach (D-Camden, Burlington). “Repeated and extended deployments have made it difficult for military personnel to find housing suited to their unique situation. Our veterans and their families deserve an affordable place to call home when they return from serving our country. It is our obligation to help in that effort.”
In 2010, there were nearly 500,000 veterans living in New Jersey, according to U.S. Department of Veterans Affairs.
The bill passed the Senate Military and Veterans Affairs Committee by a vote of 4-0.