Trenton –Senate Community and Urban Affairs chair, Senator Troy Singleton, released the following statement highlighting affordable housing investments in the fiscal year 2024 state budget:
“Homeownership is the pinnacle of the American dream and serves as a primary source of equity and generational wealth for American families. With an investment of nearly $300 million to bolster affordable housing efforts, the FY2024 budget will expand access to homeownership remarkably, while mitigating the housing affordability crisis exacerbated by the COVID-19 pandemic.
We have spearheaded legislation to establish and fund critical housing programs to facilitate the construction of low- and moderate-income housing developments, and provide down payment assistance to first-generation and first-time homebuyers.
By increasing funding and expanding the New Jersey Residential Foreclosure Prevention Program to include contractors and builders, this budget will make significant strides in addressing housing affordability by increasing the supply of affordable housing, while distributing funds to eligible families at risk of losing their homes.
This year’s budget prioritizes affordability, and these measures are going to ensure that families are provided with various opportunities and resources to keep a roof over their head.”