Governor Murphy, Speaker Coughlin, Senate President Scutari Announce Agreement to Deliver Historic Property Tax Relief for Seniors
Governor Phil Murphy, Assembly Speaker Craig Coughlin, and Senate President Nicholas Scutari announced an agreement to deliver historic property tax relief for New Jersey seniors while making a third consecutive full pension payment, providing record aid for K-12 education, and maintaining a robust surplus to protect against an economic downturn.
“No one should have to choose between retiring in the place they’ve long called home and their ability to afford to age here,” said Governor Murphy. “When coupled with the 18 tax cuts we have already instituted or proposed for lower and middle-income taxpayers, this compromise agreement prioritizes equity and affordability to decisively level the playing field for New Jersey seniors.”
“StayNJ is about our future and our families' future. StayNJ will finally give New Jerseyans the freedom to choose whether or not to stay in New Jersey in their communities and with their families when they reach retirement age,” said Assembly Speaker Coughlin. “Once you become 65, your property taxes will be cut in half or your rental aid will increase significantly and, combined with reduced health care costs, we believe we have taken a monumental step to make New Jersey more affordable for seniors. New Jersey is already a great place to live, work, and raise a family. Now it will be a place where you can retire with dignity and the freedom to choose to stay. I thank Governor Phil Murphy and Senate President Nick Scutari for working with me to reach a compromise agreement on StayNJ.”
“This is a game changer for New Jersey’s seniors who are getting squeezed by escalating expenses,” said Senate President Scutari. “It will provide significant tax relief that will make the state a more affordable place in which to live, work and retire. Reducing the burden of property taxes will give senior citizens the financial security they need to remain in New Jersey, where they built their lives. We want to offer seniors and their families the ability to plan their future here in New Jersey.”
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Statement by Governor Murphy on This Week's Ruling by the U.S. Court of Appeals for the Third Circuit Regarding Firearms in Sensitive Places
“I am thrilled that the Third Circuit has reinstated the vast majority of the law that I proudly signed last December to keep guns out of our most sensitive and vulnerable public places. Because of this decision, guns will not be allowed to proliferate in locations such as parks, beaches, libraries, bars, and restaurants where alcohol is served. This decision will make New Jersey a safer state for all of us and will ensure that New Jersey continues to have among the lowest rates of gun violence in the nation. I want to thank Attorney General Platkin and his entire team for this crucial victory, as well as Senate President Scutari and Speaker Coughlin for their support.”
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New Jersey’s Emerging Managers Virtual Symposium Connects the Next Generation of Investment Partners to One of the Largest Public Pension Funds in the Nation
Over 500 people from across the globe gathered virtually this week to participate in the New Jersey Division of Investment’s (DOI) Private Market Emerging Managers Symposium, seizing the unique opportunity to connect with up-and-coming fund managers and learn about the New Jersey Emerging Managers Platform.
“As one of the largest public pension funds in the nation, we have both an opportunity and an obligation to cast a wider net to attract a broad range of diverse investment opportunities – especially investment managers from underserved communities,” said Governor Phil Murphy. “This program and today’s event will essentially help us create a farm team to build up the next generation of talent - emerging managers who have the skills, but not necessarily the access, to make it to the major leagues. Harnessing diversity will ultimately help us meet our fiduciary responsibility to the pension fund and its more than 800,000 members.”
“New Jersey is proud to be a leader in advancing engaging fund managers who may be overlooked in traditional investment structures,” said State Treasurer Elizabeth Maher Muoio. “We’re always looking for ways to diversify the private markets portfolio of New Jersey's $95 billion pension fund, and one of the most effective ways to accomplish this goal is by engaging emerging managers launching into the investment space. We’re excited about the terrific attendance at today’s event, and look forward to continuing to raise awareness for our new Emerging Managers Platform and help build the next generation of investment talent.”
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MOU Finalizes $305 Million Allocation of Federal Funds for New Jersey’s Affordable Housing Production Fund
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) Board approved a Memorandum of Understanding (MOU) to finalize federal American Rescue Plan (ARP) funding for the State’s Affordable Housing Production Fund (AHPF). The MOU between NJHMFA and the Department of Community Affairs finalizes the $305 million allocated in the Fiscal Year 2023 budget towards the AHPF, aiding in the development of thousands of new affordable housing units in New Jersey.
The AHPF, which is administered by NJHMFA, was established by Governor Murphy in his Fiscal Year 2023 budget with the goal of building over 3,300 new affordable housing units across approximately 43 developments statewide. The AHPF was designed to allow for the full completion of all 100 percent affordable housing projects identified in municipal housing settlements that have yet to be built, eliminating the state’s backlog of these projects by the end of the Governor’s second term.
“In launching the Affordable Housing Production Fund last year, we took an urgent approach to addressing the affordable housing needs in our state,” said Governor Murphy. “No family should ever have to experience the stress of finding an affordable place to call home. In building the Next New Jersey, this Administration remains committed to making affordable housing accessible to the individuals and families who call this great state home.”
“Governor Murphy’s full funding of 3,300 housing units through the Affordable Housing Production Fund is a huge step forward towards meeting the extreme need for quality, affordable housing in New Jersey,” said Lt. Governor Sheila Y. Oliver who serves as the Commissioner of the NJ Department of Community Affairs.
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Murphy Administration Awards $7 Million in Stormwater Assistance Grants for Projects to Reduce Flooding and Improve Water Quality
The Murphy Administration has awarded $7 million in grants for projects across the state that will enhance and modernize local stormwater management practices and infrastructure in the face of worsening impacts from climate change, Commissioner of Environmental Protection Shawn M. LaTourette announced this week. The goal of the projects, many of which use green infrastructure technology and natural solutions and are in overburdened communities, is to mitigate localized flooding and improve the ecological health of waterways.
Commissioner LaTourette announced the Stormwater Assistance Grants during a news conference in Perth Amboy as part of the Murphy Administration’s Infrastructure Investment Tour. The tour is raising public awareness about the need for concerted investments in water infrastructure projects that will reduce flooding threats, create jobs, protect public health, and enhance the health of the state’s waterways. Perth Amboy received a $438,512 grant to implement six green infrastructure projects designed to better mitigate combined sewer system overflows.
“This innovative Stormwater Assistance Grant program is funding projects in all corners of the state that will mitigate flooding and improve the ecological health of our waterways,” Commissioner LaTourette said. “We are proud to provide our communities with the resources to make them safer, healthier, and more resilient. At the same time, we must acknowledge that we have much work to do to address New Jersey’s pressing water infrastructure needs, estimated at $30 billion.”
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Official Site of The State of New Jersey
