MORRIS COUNTY – As New Jersey continues to grapple with a severe affordable housing shortage, leading housing and community development organizations are calling on the Legislature and the Governor to ensure new state revenue is used to address this urgent crisis.
The Housing and Community Development Network of New Jersey, Fair Share Housing Center, Monarch Housing Associates, the Supportive Housing Association of New Jersey, and Habitat for Humanity of South Central NJ, are urging lawmakers to amend S4666/A5804, legislation that would increase the state’s Realty Transfer Fee on properties over $1 million. Sponsored by Senator Benjie Wimberly and Assemblywoman Verlina Reynolds-Jackson, the bill would create a graduated increase in the fee for high-end properties, generating over $300 million annually.
“We strongly support this effort to generate new revenue for New Jersey,” the organizations stated. “However, to make a real impact on the housing crisis, we call on state leaders to ensure that at least half of this new funding—approximately $150 million—is deposited into the Affordable Housing Trust Fund.”
“Dedicating these resources would directly support the creation and preservation of safe, affordable homes across the state and help meet the growing needs of residents burdened by rising rents and home prices,” the organizations emphasized.
“Our communities cannot afford to wait. With construction costs rising and demand outpacing supply, now is the time to invest in real solutions,” the organizations emphasized. “We urge swift action to ensure that this opportunity delivers meaningful progress toward housing stability and equity in New Jersey.”
