The New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) board of directors approved two new programs, the Urban Preservation Program (UPP) and Workforce Housing Program (WHP).
The UPP is an $80 million program established within the Affordable Housing Production Fund by Governor Phil Murphy’s (D) FY2024 budget. Dedicated to preserving, renovating and rebuilding LIHTC projects in 81 designated cities across the state at risk of losing affordability controls, the UPP is a critical tool in maximizing the benefit of affordable housing. With 1,510 LIHTC apartments in these municipalities at risk of losing their affordability within the next five years alone, the UPP will guarantee enduring and high-quality affordable housing, providing significant relief to residents.
Also created by Governor Murphy’s FY2024 budget, the WHP is a $50 million program established within the Affordable Housing Production Fund. For the first time, there will be a dedicated state program to incentivize the creation of deed-restricted apartments for middle-income residents earning between 80 and 120 percent of Area Median Income. Further, this program will ensure that these units are being developed within municipalities with more jobs than housing units or are near public transit options, which will protect middle-income New Jerseyans from surging rents while connecting them with reliable transportation and increased job opportunities.
