Municipal housing trust funds preserved to help towns meet housing obligations
WASHINGTON, D.C. – April 9, 2015 – (RealEstateRama) — Following the announcement that the Appellate Division of the New Jersey Superior Court has ruled the attempt to use the municipal housing trust funds in the State’s General Fund unlawful. The funds that have been protected from seizure will be available for their intended purpose, to help build homes for lower-income families, people with disabilities, and seniors on a fixed income. Housing and Community Development Network of New Jersey (the Network) Vice President and Chief Operating Officer Sharon Barker issued the following statement:
“Everyone should have the opportunity to live in a great community, in a home they can afford and each dollar is an investment in the future of our communities and our residents. The municipal housing trust funds are essential funding mechanisms for that purpose.
“These trust funds are intended to help people who need homes and jobs in our state. We commend the Court for making this ruling and ensuring that dollars raised locally, stay local. NJ residents need and want affordable homes and today’s ruling allows communities to meet those needs.”
About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 250 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.
For more information: Nina Arce
(609) 393-3752 x12
Website: hcdnnj.org
Twitter site: twitter.com/hcdnnj
Facebook site: facebook.com/hcdnnj
