Governor Sherrill announced that applications for the second cohort of municipalities participating in the New Jersey Housing Opportunities for Municipal Equity and Success (NJ HOMES) initiative will close on July 1. Thirty municipalities will be selected to receive technical assistance and planning support to advance strategies that increase housing production. Municipalities can apply here.
The Governor also announced that the New Jersey Housing and Mortgage Finance Agency (NJHMFA) successfully raised nearly $35 million through its Affordable Housing Tax Credit auction, generating critical new resources to finance affordable and workforce housing developments throughout the state.
These announcements came just hours after President Trump refused to sign the ROAD to Housing Act, a bipartisan piece of legislation that passed the House and Senate with wide margins.
New Jersey, like much of the rest of the country, faces a persistent shortage of housing that has contributed to rising rents and escalating home prices. The Sherrill Administration has made addressing this shortage a top priority, recognizing that increasing housing supply is essential to improving long term affordability.
“We simply cannot afford 10-year studies while housing becomes more and more unaffordable,” said Governor Sherrill. “If we want the next generation to stay here, build careers here, and raise families here, we have to make housing more affordable in New Jersey, which is why my Administration is hitting the ground sprinting on housing affordability. We’re helping communities create more housing near jobs, transit, and town centers while protecting the open spaces that make New Jersey the Garden State.”
NJ HOMES provides municipalities with technical assistance to identify opportunities for smart growth and tackle local barriers to home construction. This second cohort will expand the program’s reach and help more communities move from planning to construction.
“DCA understands that New Jersey’s housing challenges require urgency, innovation and partnership. DCA is committed to removing barriers, streamlining processes, and providing access to solutions that address the affordable housing needs in New Jersey,” said DCA Commissioner Jacquelyn A. Suárez. “Through programs and initiatives including NJHOMES Affordable Building Club, Permitting Dashboard Pilot, Neighborhood Revitalization Tax Credit (NRTC), regulatory changes permitting developers to use private inspection agencies, and the Design Professional Self-Certification Act, DCA is taking a multifaceted approach to achieving those milestones. As co-chair of the Housing Governing Council, DCA will continue to develop creative solutions to support housing development.”
“The path to meeting New Jersey’s housing challenge runs through local government,” said Jaclyn “Jackie” Veasy, Mayor, Evesham Township and President, New Jersey Conference of Mayors. “Real progress requires partnership with the mayors and municipalities that understand their communities best and are responsible for turning statewide goals into responsible, locally grounded results.”
The nearly $35 million generated through HMFA’s Affordable Housing Tax Credit auction will help finance the development of affordable and workforce housing in New Jersey. This innovative funding strategy leverages private investment to increase the supply of homes available to residents across income levels.
"Making housing affordable for New Jerseyans requires a multifaceted approach,” said Melanie Walter, Executive Director, New Jersey Housing and Mortgage Finance Agency (NJHMFA). “The Sherrill administration is tackling this challenge directly through cross-sector coordination, technology improvements, and the efficient deployment of subsidy resources to create leverage and attract investment across the housing market. Embracing these innovative approaches is already promoting the expansion of affordable and workforce housing for New Jersey residents across the Garden State.”
The Administration’s housing strategy includes streamlining permitting processes, supporting transit-oriented development, expanding affordable housing production, and partnering with municipalities to identify opportunities for smart, sustainable growth. Governor Sherrill’s proposed budget reduces diversions from the Affordable Housing Trust Fund by over $70 million, expands downpayment assistance, and provides historic property tax relief for those who need it most. The budget also includes $25 million to expand rapid re-housing programs for vulnerable households in imminent risk of homelessness. By expanding this lifeline, the state will prevent more New Jerseyans from falling into homelessness and to strengthen the pathways that help vulnerable residents regain stability and rebuild their lives.
In April, Governor Sherrill signed Executive Order 17, which organizes a whole-of-government approach to accelerating housing production. The Executive Order convened the Housing Governance Council, and requires all agencies and authorities to submit written housing affordability reports to the Governor’s Office. Even before these reports are due, the Housing Governing Council co-chairs are taking action to advance this Administration’s housing goals.
About DCA
The New Jersey Department of Community Affairs (DCA) provides administrative guidance, financial support, and technical assistance to local governments, community organizations, businesses, and residents to improve quality of life across the state.
DCA offers a wide range of programs and services, including local government management and finance, affordable housing production, fire safety, building safety, community planning and development, historic preservation, disaster recovery and mitigation, and information privacy.
About NJHMFA
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/
