EAST ORANGE – Acting Gov. Sheila Y. Oliver held a press conference July 13 to highlight investments in housing affordability in the Fiscal Year 2023 (FY2023) budget.
Since Governor Murphy took office in 2018, the Administration has continually prioritized housing investments and property tax relief. The FY2023 budget will lower the effective property tax rate for eligible New Jersey homeowners to 2012 levels through the new ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) program.
“This Budget sets forth a truly historic investment for housing in our state. It is going to mean so much to the families who are seeking affordable places to live in the communities where they work, where they were raised, and where they may want to stay with their own families,” stated Acting Governor Sheila Oliver in a release. Oliver serves as Commissioner of the Department of Community Affairs. “I want to thank my former colleagues in the State Legislature who have worked arm-in-arm with Governor Murphy and I to make these record investments become a reality.”
Affordable Housing Production Fund
The FY2023 Budget includes $335 million ($30 million from the Affordable Housing Trust Fund and $305 million from the State Fiscal Recovery Fund) for the Affordable Housing Production Fund to address a backlog of thousands of affordable housing units across dozens of developments, which will effectively double the state’s multi-family project production in the next three years and bring more affordable homes to thriving communities across the state.
ANCHOR
The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Tax Relief Program is a $2 billion initiative, which will be phased in immediately in FY2023, and will help homeowners and renters and reduce property taxes to levels not seen since 2012 for over 1.15 million homeowners.
- Renters with a household income of up to $150,000 will receive $450.
- Homeowners with a household income under $150,000 will receive $1,500.
- Homeowners with a household income between $150,000 and $250,000 will receive $1,000.
Down Payment Assistance
The FY2023 budget provides a $5 million increase in funding, for a total of $25 million, to the State’s Down Payment Assistance program, which in recent years has been successful in helping low- and middle-income families attain homeownership and begin to build wealth through home value appreciation.
Affordable Housing Trust Fund
The FY2023 budget maintains Governor Murphy’s commitment to ending diversions from the Affordable Housing Trust Fund, ensuring that those funds will continue to be used for their intended purpose – investing in housing affordability in New Jersey.
“Affordable housing continues to be one of the top issues of concern for New Jersey families and residents and with this year’s budget we listened to these concerns and addressed them head-on,” stated Assembly Housing Chair Yvonne Lopez.
“The ANCHOR program will directly impact the affordability of our State by providing direct property tax and rental relief to millions of residents. For our working families this is welcome news that promises to have a profound impact for years to come. I am proud to support the largest property tax relief program in years, delivering real assistance and results for New Jersey,” she continued.
The Department of Community Affairs began accepting online pre-applications for the State Rental Assistance Program (SRAP) Waiting List July 11. Pre-applications will be accepted until Friday, July 25, at 5:00 p.m. to enter a lottery for the statewide SRAP program in the Elderly, Family, Disabled, and Homeless categories. For more information on SRAP, click here.
