Many states have adopted programs and initiatives to tackle the affordability crisis. In New Jersey, policymakers and the housing industry have made concerted efforts to address the problem. Examples include:
Homelessness Prevention Program
Through the Homelessness Prevention Program, the State of New Jersey provides limited financial assistance to tenants facing eviction due to temporary financial crisis. The funding is allocated to nonprofit agencies across the state to provide assistance to low and moderate income households.
New Jersey Affordable Housing Trust Fund
The New Jersey Affordable Housing Trust Fund (previously known as the New Jersey Balanced Housing Program) provided municipalities, nonprofit organizations, and for-profit developers with financial assistance to develop affordable housing. The funding served primarily as gap financing when other public subsidies and private financing was insufficient. Eligible activities included rehabilitation, creation of accessory apartments, conversion of nonresidential space to housing, acquisition of property, and grants to municipalities to study housing need. Local housing authorities were also eligible for assistance with rehabilitation for existing housing. A maximum of $6 million per project is available. This program was inactive for some time and is now being used to fund SRAP and various other housing programs.
State Rental Assistance Program
The State Rental Assistance Program (SRAP) is available to state residents that are not currently holders of federal Section 8 vouchers. Twenty-two percent of the funding is set aside for homeless families with children and graduates of transitional housing, and 10% of funding is set aside for individuals with disabilities.