ASSEMBLY, No. 5887

STATE OF NEW JERSEY

218th LEGISLATURE

INTRODUCED NOVEMBER 14, 2019

Sponsored by:

Assemblywoman  ELIANA PINTOR MARIN

District 29 (Essex)

SYNOPSIS

     Requires annual appropriation of $80 million for State Rental Assistance Program.

CURRENT VERSION OF TEXT

     As introduced.

An Actconcerning funding for the State Rental Assistance Program and amending P.L.2004, c.140.

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

     1.    Section 3 of P.L.2004, c.140 (C.52:27D-287.3) is amended to read as follows:

     3.    a.   The commissioner shall annually allocate from the receipts of the portion of the realty transfer fee directed to be credited to the [Neighborhood Preservation Nonlapsing Revolving Fund] New Jersey Affordable Housing Trust Fund pursuant to section 4 of P.L.1968, c.49 (C.46:15-8) and pursuant to section 4 of P.L.1975, c.176 (C.46:15-10.1) such amounts as may be necessary to fund rental assistance grants authorized by P.L.2004, c.140 (C.52:27D-287.1 et al.).

     b.    Including the amounts allocated from the New Jersey Affordable Housing Trust Fund pursuant to subsection a. of this section, the annual appropriations act shall appropriate an amount not less than $80 million to fund the rental assistance grants authorized by P.L.2004, c.140 (C.52:27D-287.1 et al.), provided that not less than $3 million be annually allocated for the purposes of subsection c. of section 1 of P.L.2004, c.140 (C.52:27D-287.1) and not less than $7 million be annually allocated for the purposes of subsection a. and subsection d. of section 1 of P.L.2004, c.140 (C.52:27D-287.1).

(cf: P.L.2007, c.208, s.2)

     2.    This act shall take effect immediately.

STATEMENT

     This bill requires the State to annually appropriate not less than $80 million for the State Rental Assistance Program (SRAP), which provides rental housing vouchers for low- and moderate-income households. 

     In FY2020, the State provided roughly $38.5 million for SRAP, including appropriations of $18.5 million from the General Fund and an amount not less than $20 million from the New Jersey Affordable Housing Trust Fund.  Under the bill, the State would be required to increase the total appropriation for SRAP to an amount not less than $80 million per year.