TRENTON –  Senator Troy Singleton (D-Burlington), the Senate Majority Caucus Chair, Senate Community and Urban Affairs Committee Chairman, and author of the landmark affordable housing law, issued the following statement urging the restoration of money to the Affordable Housing Trust Fund:

“I firmly believe that combatting the housing crisis and improving access to affordable housing must be the foundation of our public policy. That is why I called for the Affordable Housing Trust Fund to be fully funded in February when the Governor gave his budget address, and why I remain disappointed that the FY26 budget did not do so. This funding is needed now more than ever.

“The Trust Fund is critical to the production of affordable housing and helping municipalities fulfill their obligations. Last year we enacted landmark legislation designed to reform our affordable housing system, which has since led to historic participation rates from municipalities. Without its full funding, completion of these projects is at risk. Dozens of projects are now on hold, and municipalities will find it difficult to construct the housing they need.

“The diversions from the Trust Fund in this year’s budget are not for frivolous purposes. They fund down payment assistance, rental assistance, support emergency and homeless shelters, and help prevent foreclosures. All of these are noble goals, and worth funding. But they should not come at the expense of the construction of new housing when a lack of supply is the root cause of our housing crisis.

“I also previously expressed concern that increasing taxes on homes worth over $1 million, often referred to as the “mansion tax”, could have the unintended consequence of putting housing further out of reach. Now that this tax has been enacted, we ought to use it to counteract that potential consequence and dedicate at least a portion of it to restore funding for the Affordable Housing Trust Fund.

“If we are truly committed to meeting our affordable housing goals then the Trust Fund must be fully funded. I call on my colleagues in the Legislature and the Governor to commit to restoring this funding so we can build upon the progress we have made to provide affordable homes throughout New Jersey.”