Gov. Sherrill announces new push to help NJ towns plan and finance affordable housing

Gov. Mikie Sherrill announced Wednesday that New Jersey will expand a program helping municipalities plan and facilitate affordable housing to help lower the state’s ever-rising cost of living.

“More than a third of New Jerseyans spend over a third of their income on housing. We have a severe shortage of affordable homes. It’s driving working families out of the state,” Sherrill said. “You’re never going to make New Jersey more affordable if you don’t make housing more affordable.”

Sherrill announced an expansion of the NJ Housing Opportunities for Municipal Equity and Success program funded by tax credit auctions. 

Sherrill said the state will triple the size of the Department of Community Affairs’ NJHOMES program to help 30 additional municipalities plan housing tailored to their local needs. 

She also highlighted the state’s “first of its kind” tax credit auction, where corporations can bid on tax credits that apply to corporate business tax and insurance premium tax to fund state initiatives. 

Tax credit auctions generated $35 million for affordable and workforce housing, with nearly $400 million expected over the next five years, Sherrill said.

Young families, commuting workers, and seniors are some of the most in need of new housing, according to Sherrill. She stated that this kind of state-aided planning will make it “easier to put down roots and stay in New Jersey.”

On April 27, Sherrill signed Executive Order 17 that requires an inventory of public unused lands and the creation of a new Housing Governing Council.

Sherrill also said last week her administration launched a permitting dashboard for builders and developers.

“We’re giving communities across the state the tools and the training to plan out affordable housing that is tailored to their individual needs,” Sherrill said.

NJHomes’ Affordable Building Club provides municipalities with training, technical assistance, and financial and other resources for affordable housing planning and creation, specifically between one and 24 units. 

It is a free, monthly, virtual series that instructs municipalities on a variety of planning skills, including analyzing housing needs, funding sources, data tools, and project development, which helps municipalities meet their affordable housing obligations required by the 2024 Affordable Housing Act.

Sherrill said the first group of 10 municipalities is “now… in the building phase, breaking ground on new affordable projects,” including Far Hills, Fairfield, Stafford Township, and Salem.

The second batch is expanding to 30 municipalities, and applications are open until July 1.

DCA Commissioner Jacquelyn Suárez said the “program is really the connective tissue” between municipal obligations and “what the housing stock should look like for the needs of their community.”

Evesham Mayor Jaclyn Veasy said the program matters because towns need state help without losing local planning authority, stating, “successful housing policy cannot be built on a one-size-fits-all approach.”

Sherrill framed the effort as a way to fight local resistance to affordable housing, saying the state wants towns to meet housing requirements “in a way that the community really feels attached to.”

She prefaced these moves by highlighting President Trump’s signing delay on Wednesday of Congress’s “most comprehensive housing bill in decades,” according to Sherrill. 

Despite this federal setback, “people need help now,” and Sherrill said that this is New Jersey’s “moment to lead.”

This article was written by  Devon Williams, courtesy of the NJ State House News Service