The UULMNJ and the Economic Justice Task Force need your help to ensure that the Realty Transfer Tax is protected.
As UU’s we believe in the worth and dignity of every human being. That is why the Economic Justice Task Force and the UULMNJ stand with other nonprofits and faith-based groups to advocate for affordable housing, and therefore opposing the repeal of the Realty Transfer Tax.
Background on the Realty Transfer Tax from The Housing Community Development Network of NJ:
- Realty transfer fees were established in 1968 to offset the cost of tracking real estate transactions. With the passage of the Fair Housing Act in 1985, use of the transfer fee was broadened to include generating fees to help create housing opportunities in viable neighborhoods for households of low and moderate income.
- Sellers pay the fee when they transfer the deed of the house to the new owners. The money is then split between the state and the county.
- 35 other states have similar fees.
- The fees are the 7th largest source of tax revenue for the State. Officials have projected that they will produce $287 million in the current State budget and $325 million in next year’s spending plan.
- A portion remains with the county that collects the fee for the County Public Health Priority Fund and pays for the funding of public health services.
- A portion goes in the General Fund of the State.
- A portion goes into the NJ Affordable Housing Trust Fund – a non-lapsing revolving fund that, in the past, subsidized the construction & rehabilitation of affordable housing. Funds are targeted to each region of the State based on that region’s percentage of the State’s low and moderate income need.
- Funds currently support the Council on Affordable Housing, Affordable Housing Administration, shelter assistance, Prevention of Homelessness Program, State Rental Assistance Program (SRAP) & NJ’s share to get federal HOME funds.
- Last year, NJ Affordable Housing Trust Fund generated $48 million with over $42 million going to SRAP; which helps fund homes for 4,018 families including 812 project based units.
- $25 million goes toward the state’s dune and beach replenishment program, with the federal government providing another $75 million.
To be sure, New Jerseyans (especially the most economically disadvantaged among us) cannot afford to lose out on the essential services funded, in part, by the revenue generated from the Realty Transfer Tax.
Please click here to send a letter to your State Legislators encouraging them to oppose the repeal of the Realty Transfer Tax.
Thank you for your support!