Gov. Sherrill announces housing initiatives aimed at boosting supply and affordability in New Jersey
TRENTON, N.J. — Gov. Mikie Sherrill on Wednesday announced new initiatives aimed at increasing housing production and improving affordability across New Jersey, including expanded support for municipalities and new funding for affordable housing developments.
The governor said applications for the second cohort of the New Jersey Housing Opportunities for Municipal Equity and Success, or NJ HOMES, initiative will remain open through July 1. Thirty municipalities will be selected to receive technical assistance and planning support designed to help communities advance housing development strategies.
Sherrill also announced that the New Jersey Housing and Mortgage Finance Agency raised nearly $35 million through its Affordable Housing Tax Credit auction, generating funding for affordable and workforce housing projects throughout the state.
New Jersey continues to face a shortage of housing, contributing to rising rents and home prices, according to state officials.
“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.”
The governor’s announcement came as state officials continue efforts to expand housing opportunities through a combination of planning assistance, funding programs and regulatory changes.
“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 Department of Community Affairs 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.”
State officials said NJ HOMES helps municipalities identify opportunities for growth and address local barriers to housing construction.
“The path to meeting New Jersey’s housing challenge runs through local government,” said Jaclyn “Jackie” Veasy, mayor of Evesham Township and president of the 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 raised through the housing tax credit auction will be used to help finance affordable and workforce housing developments across the state.
“Making housing affordable for New Jerseyans requires a multifaceted approach,” said Melanie Walter, executive director of the New Jersey Housing and Mortgage Finance Agency. “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 broader housing strategy includes streamlining permitting processes, supporting transit-oriented development, expanding affordable housing production and encouraging partnerships with local governments.
Earlier this year, Sherrill signed Executive Order 17, creating a Housing Governance Council and directing state agencies to submit reports outlining ways to improve housing affordability and accelerate housing production.
