Housing Network Steps up Efforts to Require NJ to Dedicate Mansion Tax to Affordable Housing

The Housing Community Development Network of New Jersey (HCDNNJ) applauds the Governor Phil

Murphy’s decision to impose a mansion tax but wants the money from that tax allocated to build affordable homes, where funding sustained a budget hit.

Staci Berger, the CEO and President of the HCDNNJ, this morning co-wrote an op-ed in the Bergen Record. From the op-ed:

“The state’s newly expanded mansion tax will generate more than $300 million a year from home sales over $1 million, with higher fees for more expensive properties. This is a smart, progressive move, especially in a state where the housing market has left too many residents behind. The problem: none of that new revenue is being directed to the Affordable Housing Trust Fund, or AHTF, New Jersey’s only dedicated source…