The Senate Community and Urban Affairs Committee advanced legislation (S-915) sponsored by Senator Christopher J. Connors, Assemblyman Brian E. Rumpf and Assemblywoman DiAnne C. Gove that would permit a portion of municipal development trust funds to be spent on housing affordability assistance to veterans.
The Senate Community and Urban Affairs Committee advanced legislation sponsored by Connors, Rumpf, and Gove that permits a portion of municipal development trust funds to be spent on housing affordability assistance to veterans. (WikiMedia)
The 9th District legislators made the following remark upon the advancement of their veterans’ initiative:
“Current law provides that municipalities must set aside a portion of their development fee trust fund to provide affordability assistance to low and moderate income households in accordance with COAH’s rules. We are proposing to allow up to 30 percent of those funds to be dedicated to assist first-time home-buying veterans, specifically as down-payment assistance of up to $15,000 per individual recipient.
“Veterans receiving the proposed assistance grants would be shielded in terms of taxation and from potentially losing eligibility for other programs. The provisions of our bill are permissive, providing municipalities the option of establishing a program.
“Housing affordability remains a significant issue for veterans, especially in high tax states such as New Jersey. Overall, we believe our bill would expand options already available through similarly-intended existing programs, such as those offered by the U.S. Department of Veterans Affairs to assist veterans looking to buy or refinance their home.”
Assemblyman Rumpf and Assemblywoman Gove have introduced the companion legislation, A-696, which is awaiting action by the Assembly Military and Veterans’ Affairs Committee.
To more effectively represent the interests of their constituents, members of the 9th District delegation serve on the Senate and Assembly Military and Veterans’ Affairs Committees.
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