Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Impact
The funding provided by this bill is expected to facilitate the construction of residential units specifically designated for low- and moderate-income families. By allocating significant financial resources to the Affordable Housing Production Fund, the bill seeks to ensure that municipalities can hire developers to create housing that meets essential fair share affordable housing obligations. This funding aims to alleviate some of the pressure on local housing markets and improve access to affordable living options for vulnerable populations.
Summary
Senate Bill S3469 proposes a supplemental appropriation of $100 million to the Affordable Housing Production Fund within the Department of Community Affairs (DCA) of New Jersey. The bill aims to support municipalities in the completion of 100-percent affordable housing projects. This initiative responds to ongoing discussions and concerns about the need for more affordable housing options for low- and moderate-income households, which is a critical issue in New Jersey's housing market.
Contention
Among the points of contention surrounding bill S3469 is the debate over the sufficiency of funding for affordable housing projects in the state. Critics may argue that while the $100 million appropriation is a step in the right direction, it may not be adequate to cover the vast needs across various municipalities, especially in areas heavily burdened by economic challenges. Additionally, discussions may arise regarding the selection process for municipalities and developers benefiting from the grants, with advocates pushing for transparency and accountability to ensure the funds are used effectively.
Same As
Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Makes supplemental appropriation of $100 million to Affordable Housing Production Fund in DCA for completion of 100-percent affordable housing projects.
Appropriates $500 million in federal funds to DCA to support affordable housing development and establishes Affordable Housing Production Fund in HMFA.
Amends Fiscal Year 2024 appropriations act to allocate $25 million from “New Jersey Affordable Housing Trust Fund” to support construction and rehabilitation of low- and moderate-income housing.
Establishes "Subcommittee on Affordable Housing Needs" within "Joint Committee on Housing Affordability"; requires subcommittee to make determinations concerning affordable housing needs.
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.