Massive Housing Affordability Efforts Included in NJs FY2023 Budget
New Jersey’s $50.6 billion FY2023 budget includes funding to lower the state’s 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 massive budget invests in multiple housing and affordability initiatives, including:
Affordable Housing Production Fund: $335 (includes $30m from the Affordable Housing Trust Fund and $305m 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, doubling the state’s multi-family project production in the next three years and creating more affordable homes.
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: A $5 million increase in funding, for a total of $25 million, to the State’s Down Payment Assistance program, which helps low- and middle-income families attain homeownership and begin to build wealth through home value appreciation.
Affordable Housing Trust Fund: The FY2023 budget includes funding aimed to end 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.
On Monday, July 11, DCA began accepting online pre-applications for the State Rental Assistance Program (SRAP) Waiting List. Pre-applications will be accepted until Friday, July 25, at 5:00 pm to enter a lottery for the statewide SRAP program in the Elderly, Family, Disabled, and Homeless categories. For more information on SRAP, click here.