The New Jersey Housing and Mortgage Finance Agency and the New Jersey Hospital Association are joining forces to bolster hospital investment in local housing.
Under the partnership, HMFA will financially invest in up to three supportive housing projects in hospitals' communities, according to a news release. Participating hospitals will then match that investment with investments of their own.
"Permanent, stable, supportive housing is key to overall health," HMFA Executive Director Charles Richman said in a news release. "Here we have the opportunity to both create affordable apartments and help people stay healthy. The partnership with NJHA to assist in the development of affordable housing is an innovative approach to address our shared goal of community well-being."
It is unclear which projects will be funded or which hospitals will participate. However, HMFA plans to consider affordable housing projects that accommodate frequent users of hospital emergency services, or mixed-use development that could have community-based healthcare services and affordable housing.
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