The Senate Community and Urban Affairs Committee approved legislation today (S-171) introduced by Senator Christopher Connors 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 & Gove that would permit a portion of municipal development trust funds to be spent on housing affordability assistance to veterans. (©iStock)
Assemblyman Brian Rumpf and Assemblywoman DiAnne Gove are the prime sponsors of the Assembly companion version, A-745, which is awaiting consideration by the Assembly Military and Veterans’ Affairs Committee.
Grants under the program would be limited to $15,000 per recipient, and would not be considered income for the purpose of determining eligibility or benefit levels for other State programs, or for purposes of taxation.
Current law permits a municipality that is authorized to collect affordable housing fees under the rules of the Council on Affordable Housing (COAH) to set aside amounts from the fees collected to provide affordability assistance programs. This may include down payment assistance, security deposit assistance, low interest loans, common maintenance expenses for units located in condominiums, rental assistance, and any other program authorized by the COAH.
The 9th District Delegation issued a statement following the Committee’s approval of their veterans-related legislative initiative:
“Improving the quality of life for our veterans remains among our Delegation’s top priorities. Providing downpayment assistance to first-time homebuying veterans from available funding resources is consistent with that commitment.
“New Jersey’s cost of living is too high for too many residents, including veterans. Tax relief is desperately needed by a broad array of residents who want to still call New Jersey home, but unfortunately are encountering severe and persistent financial burdens that the state needs to alleviate.
“Our Delegation’s proposed initiative is focused on assisting those veterans who are working to realize the dream of owning a home and possibly starting a family. These veterans are definitively deserving of this benefit in light of their honorable service to our nation.
“Lastly, we are proud to say that this legislative proposal has bipartisan support in both Houses of the Legislature by way of co-sponsorship, which is necessary if it is to advance to the Governor’s desk.”
Members of the 9th Legislative District serve on the Senate and Assembly Military and Veterans’ Affairs Committee, respectively.
Related Facebook Post: