New Jersey Plans To Empty Trust Fund Bank Accounts With Affordable Housing Money; Plan Set Up By Former Governor Corzine
The state is poised to seize more than $169 million in housing money from New Jersey municipalities, because of a deadline set four years ago as part of then-Gov. Jon Corzine’s affordable housing reforms, though towns are prepared to challenge the takeover.
The state, as part of the 2008 reform, gave towns until July 17 to spend or account for money raised by their affordable housing trust funds. According to the state Department of Community Affairs, there was $169 million in unspent affordable housing money sitting in local trust funds as of April 4.
According to figures from the state Department of Community Affairs, East Windsor had $2.48 million in unspent housing funds and Hightstown had $224,398. Hightstown has enacted a plan to spent about $1 million on rehabilitation and new projects by 2018 to be paid for with the unspent housing funds and new money raised between 2008 and 2018.
Cranbury did not have any unspent money in its trust fund.
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