TRENTON, NJ – A new proposal in the State Assembly would allocate $125 million to replenish New Jersey’s Affordable Housing Trust Fund, restoring money diverted from the fund in recent budget cycles.
Assemblywoman Shanique Speight (D-Essex/Hudson) introduced the bill Monday, seeking to reinvest in affordable housing initiatives across municipalities that have approved fair share housing plans and compliance certifications.
The funding would be used for grants and loans supporting housing construction and rehabilitation programs authorized under the Fair Housing Act.
Rebuilding the Affordable Housing Trust Fund
The measure, Assembly Bill 6059, appropriates the $125 million directly from the state’s General Fund to the New Jersey Affordable Housing Trust Fund (NJAHTF). The bill’s sponsors said the move would “restore budget diversions” made through the Fiscal Year 2026 appropriations process, replenishing resources intended for local affordable housing development.
According to the bill, municipalities eligible for the funds would be those that have received compliance certification from the courts or the state Council on Affordable Housing. Funds could also be applied to other projects and programs authorized under Section 20 of the Fair Housing Act, which governs how the trust fund operates.
Legislative intent and immediate effect
Speight’s bill underscores a continued effort by lawmakers to expand affordable housing options and ensure municipalities meet their court-mandated housing obligations. The legislation calls for the appropriation to take effect immediately upon enactment.
If approved, the restored funding would support ongoing construction, rehabilitation, and assistance programs aimed at addressing the state’s persistent housing affordability challenges.
Key Points
- Assemblywoman Shanique Speight introduced a bill to appropriate $125 million to the New Jersey Affordable Housing Trust Fund.
- The measure restores funds diverted in prior budgets and supports certified municipal housing plans.
- Appropriated funds would be distributed through grants and loans for housing projects statewide.
