Towns That Build, Win Big New Jersey Links Affordable Housing to Grant Funding
New Jersey's newly enacted law links compliance with affordable housing obligations to state economic funding. Under P. L. 2025, c. 142, municipalities that meet these requirements will receive priority for grants from the Department of Community Affairs and the New Jersey Economic Development Authority.
Programs such as the Main Street New Jersey Program will give preference to compliant towns, fostering a competitive edge for economic development dollars. The law does not alter existing funding aimed at helping towns meet their housing quotas, ensuring support continues for those in need. For the first five years of new housing cycles, compliance will be assessed based on various factors. Legislators stress that the law aims to reward responsible municipalities that actively pursue housing affordability. This initiative underscores a broader strategy to promote sustainable community development.
Ultimately, the legislation seeks to create a win-win scenario for towns and state economic growth.