07.03.24
Strategies for Funding Affordable Housing
Creating additional affordable housing can signal exciting growth, but finding sufficient capital is a common hurdle for many municipalities.
Funding included in the new affordable housing bill currently totals $12 million dollars. However, there are other options available, like those listed above. While the precise blend of funding sources for any project will be unique, we anticipate many will look to these resources in the months and years ahead.
Some strategies for funding affordable housing:
- various funding from the NJ Housing & Mortgage Finance Agency
- PILOT initiatives, which allow housing developers and localities to enter into mutually beneficial agreements that lower property tax burdens
- Private parties in Public-Private Partnerships, such as nonprofit organizations
- certain types of municipal bonds