April 9, 2012
Re: Affordable Housing Trust Funds, July Deadline
The Department of Community has updated its spreadsheet regarding the status of municipal trust fund dollars. The DCA spreadsheet now indicates that there are almost $169 million in trust fund dollars that are subject to State seizure in July. The updated spreadsheet is available at: http://www.nj.gov/dca/services/lps/hss/transinfo/reports/ahtf_2008_unspent.pdf
We would urge municipalities with a trust fund balance to reach out immediately to the Governor’s Office and to your State Legislators, and ask for an extension to the July 17 deadline. The loss of these dollars, based on an arbitrary deadline, may push these costs on to your taxpayers.
The League supports A-2717, sponsored by Assemblymen Bucco and DiMaio, which would extend for four years the requirement that a municipality commit to expend its trust fund dollars. This is a simple extension for municipalities and will safeguard these dollars to be used for their intended purposes of providing for affordable housing. This bill is assigned to the Assembly Housing and Local Government Committee.
The League has prepared a draft resolution supporting A-2717 for your consideration, which is posted in PDF format at: http://www.njslom.org/resolutions/resolution-support-A-2717-trust-fund-dollars.pdf and in Word format at: http://www.njslom.org/resolutions/resolution-support-A-2717-trust-fund-dollars.doc
For more on this issue, please see the League Dear Mayor alerts of March 20 and April 2, or contact Mike Cerra at email@example.com or (609) 695-3481 x120.
Very truly yours,
William G. Dressel, Jr.