Federal Relief Funds Should Prioritize Closing Racial Wealth Gap and Balancing NJ Housing Market, says Network 7/27/2021 The Murphy Administration hosted a virtual hearing today on the use of American Rescue Plan funds provided by the federal government. The following are highlights of testimony offered by Housing and Community Development Network of New Jersey (the Network) President and Chief Executive Officer Staci Berger: “Homeownership is the single largest mechanism by which families create and maintain wealth. Yet, residents and communities of color suffer from an extremely pervasive and persistent racial wealth gap in NJ, which is intertwined with our housing affordability crisis. Like the pandemic, the housing crisis – for renters and homeowners - disproportionately impacts Black and Brown residents. Black, female heads of households are five times more likely to be evicted than white male counterparts. In NJ, 77 percent of white households own a home but less than half of Black households do. “NJ’s shortage of affordable homes – for both renters and homeowners – is exacerbated by systemic and institutional racism and economic injustice that we continue to see around our nation. For less than one billion dollars, we can build back better and more equitably, so that our housing market is balanced, and everyone can afford to call NJ home.” Berger called on the Murphy Administration to make investments that provide permanent solutions to the issues of housing instability facing NJ residents. Specifically, the Network is calling for the investment of $975 million from the ARP for the following:
To read the testimony in full, visit: tinyurl.com/ARPfundstestimony. About the Housing and Community Development Network of NJ
For more information: Nina Rainiero (609) 393-3752 x1200 (609) 789-7900 Website: hcdnnj.org Twitter site: twitter.com/hcdnnj Facebook site: facebook.com/hcdnnj |