TRENTON, NJ. May 29, 2025 — A new economic impact report from the Housing and Community Development Network of New Jersey (the Network) reveals that nonprofit community development organizations in New Jersey have generated an astounding $2.45 billion in economic activity across the state since 2019, creating more than 12,500 jobs and building 4,730 affordable homes. This momentum, fueled in part by the Affordable Housing Trust Fund (AHTF), highlights the urgent need for state leaders to protect and expand the fund to address New Jersey’s growing housing affordability crisis.
The analysis documents 319 development projects across all regions of New Jersey, demonstrating the community development sector’s role as both an economic engine and a crucial support system for struggling families. Yet, with a statewide shortfall of over 65,000 low- and moderate-income homes and a dire shortage of affordable units for extremely low-income renters, the report makes clear: more must be done.
“Nonprofits exemplify resilience, accomplishing remarkable feats with limited resources,” said Edward Bethea, chair of the Network Board of Directors and executive vice president and chief operating officer of Gateway Community Action Partnership. “Over the past five years, our sector has effectively harnessed the opportunities provided by the American Rescue Plan, enabling us to support vulnerable communities during the pandemic and make significant strides toward addressing the shortage of affordable housing. Rising costs are severely impacting household budgets, leading to a burgeoning demand for affordable homes that far exceeds our current supply.”
“By expanding the Affordable Housing Trust Fund (AHTF), we can empower more households to thrive and build a brighter future,” emphasized Bethea. “Now, more than ever, it’s crucial that we collaborate to expand housing opportunities and ensure that everyone has a safe and affordable place to call home.”
Since 2020, the AHTF has invested over $120 million in the development of affordable homes, including $18 million represented in this report alone. The trust fund helped community development organizations weather the COVID-19 pandemic and launch some of their most impactful projects to date.
Despite these gains, housing affordability remains out of reach for many. To afford a modest two-bedroom apartment in New Jersey, a worker must earn $38.08 per hour—yet the average wage is only $23.70. The report calls on public officials to take bold action by increasing AHTF investments, dedicating new revenue sources like a luxury mansion sales tax to the Fund, and expanding programs such as the Neighborhood Revitalization Tax Credit and emergency rental assistance.
“Nonprofit community developers have proven they deliver results—jobs, homes, and stronger neighborhoods,” said Staci Berger, president and chief executive officer of the Network. “But we can’t resolve our housing crisis without sustained investment. The Affordable Housing Trust Fund is not a luxury, it’s a necessity and should be expanded so we can help grow our economy and build the homes our residents need and want.”
The full report, Coming Together to House NJ, underscores the sector’s ability to not only tackle housing insecurity but also stimulate New Jersey’s economy. With over $1.1 billion in direct investment and ripple effects adding hundreds of millions more, the work of the nonprofit community development sector exemplifies how affordable home development is smart, strategic policy that will help make our state a place everyone can afford to call home.
To access the report, visit tinyurl.com/HCDNNJ2025EconomicImpact.
ABOUT THE HOUSING AND COMMUNITY DEVELOPMENT NETWORK OF NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 275 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.
