State says it will use trust funds for affordable housing
The Christie administration said Thursday that the money it confiscates from municipal affordable housing trust funds will be used to support a range of housing programs for low- and moderate-income New Jerseyans.
The statement from the Department of Community Affairs came two days after it sent letters to 372 municipalities, demanding that they turn over to the state all unspent portions of those funds.
While it states that the trust funds will be spent on various housing initiatives, the DCA did not detail the specific state programs that will receive the money or how much additional funding will go to each. The state budget initially set aside $200 million to be collected from the trust funds, although this week DCA put the anticipated figure it would collect at $161 million. (Lipman, The Record)
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