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Singleton Bill to Ease Financial Burden on Affordable Housing Projects Advances

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Trenton – In a move to increase the supply of affordable housing, the Senate Community and Urban Affairs Committee today advanced legislation sponsored by Senator Troy Singleton which would appropriate $60 million to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to support affordable housing projects.

“Interest rates spiked seven times in 2022 alone. As the housing industry continues to be pummeled by rising interest rates, banks have become slower to issue loans to builders, further limiting the development of affordable housing,” said Senator Singleton (D-Burlington), Chair of the Senate Community and Urban Affairs Committee. “This appropriation is a significant step in ensuring that developers receive the support they need to continue building affordable housing units, which are desperately needed throughout our state.”

The bill, S-3378, would allocate $60 million from the State’s Coronavirus State Fiscal Recovery Fund to the NJHMFA. The appropriation would provide financing to eligible projects to support the continued development of affordable housing.

Affordable housing projects provide housing to low-income families, including lower rent payments and subsidized housing. The measure would provide financial and technical assistance to advance affordable housing projects that would be feasible and financially sound with the allocated funds.

The bill was released from committee by a vote of 5-0.