Additional $3.6 Million Available to Help Struggling NJ Households with Utility Costs

The Department of the Treasury’s Unclaimed Property Administration (UPA) announced a record $3.6 million to help provide assistance to low and moderate income New Jersey households struggling to pay their utility bills. The contribution, presented to the Affordable Housing Association on National Unclaimed Property Day, is an increase from last year’s $3.2 million contribution.

Nearly 33 million people in the United States – 1 in every 10 – has unclaimed property: financial accounts or items of value in which the owner has not initiated any activity for a number of years. When that happens, and the company cannot locate the owner, the money or properties are submitted to the state. Common examples include unpaid life insurance benefits, forgotten bank accounts, utility deposits, and unused rebate cards.

Under state statute, all funds received in unclaimed property deposits from electric and gas utilities are deposited into the Unclaimed Utility Deposits Trust Fund. Each year, 75 percent of those deposits received are issued to a statewide non-profit energy assistance organization designated by the Board of Public Utilities.

“Utility costs are a challenge for many struggling families all year long, particularly during winter and summer when heating and cooling costs soar,” said UPA Administrator Steve Harris. “It’s extremely rewarding to see the funds we manage help support such a worthy cause.”

State law stipulates that the funds must be used exclusively for the payment of expenses associated with the restoration of electric or gas service, or to prevent the termination of electric or gas service provided to utility ratepayers seeking energy assistance. The remaining portion is retained in the trust fund, administered and invested by the State Treasurer, and used to pay Unclaimed Property claims and expenses and costs incurred by the State of New Jersey.

The Affordable Housing Alliance (AHA) is a New Jersey-based private, nonprofit 501(c)(3) corporation that has been providing housing and related relief to New Jersey residents for over 23 years. The Alliance manages several utility assistance programs, including PAGE and LIHEAP, helping low and moderate individuals and families who are seeking relief in paying their gas, electric, and oil bills.

Applications for assistance can be found at: www.njpoweron.org.

To increase awareness of unclaimed property, National Association of Unclaimed Property Administrators (NAUPA) launched the first National Unclaimed Property Day on February 1, 2021, to encourage people to search https://www.unclaimedproperty.nj.gov/ or unclaimed.org/search to determine if a state is holding their property. Individuals are encouraged to search their name, a maiden name, or the name of a business or non-profit. The search is free.

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