(The Center Square) – New Jersey is doling out more than $16.1 million to develop affordable housing projects.
The money flows through the Affordable Housing Trust Fund (AHTF), which the New Jersey Department of Community Affairs (DCA) will administer.
In an announcement, Lt. Gov. Sheila Oliver, the DCA commissioner, said the fund will help “more people gain access to affordable and decent housing, including veterans, minorities, and victims of domestic violence.”
According to a news release, the projects receiving taxpayer dollars meet a range of criteria, including support from their municipality, partnerships with private sector investors and participation in other state-funded community development initiatives.
In total, the money will help develop 102 affordable rental and homeownership housing units.
Additionally, the housing units that receive funding must be “deed-restricted” for at least 20 years. The awards range from $125,000 for the Supportive Housing Association of New Jersey for a statewide initiative for “research in national best practices and for collaborative efforts to develop practical guidelines and resources for improved New Jersey housing navigation services” to more than $5.3 million for the First Street Urban Renewal Corporation to develop 24 units in Elizabeth.
Based on the funding numbers included in a news release from the governor’s office, the average funding amount per unit is roughly $156,800.
“This path must include housing that is affordable to the individuals and families who call this great state home,” Gov. Phil Murphy, a Democrat, said in a statement. The “announcement demonstrates that we are putting meaningful resources behind our words to help create more than 100 affordable housing units around New Jersey.”