QAP:
No changes to the QAP will be made for the 2021 9% round.
UNIAP:
The 2021 UNIAP will be posted shortly.
LIHTC Resources:
NJHMFA Financing:
Important: Projects seeking construction and/or permanent financing from NJHMFA should contact the Multifamily Supportive Housing and Lending Division at (609) 278-8884 as soon as possible. Applicants seeking a conditional financing commitment at the July 1, 2021 meeting of the NJHMFA Board must submit a financing application by no later than May 13, 2021. Applicants seeking a conditional financing commitment at the August 12, 2021 meeting of the NJHMFA Board must submit a financing application by no later than June 24, 2021.
MFPHPP and Section 811:
Sponsors that wish to apply for $75,000 per unit capital subsidy through the Money Follows the Person Housing Partnership Program (MFPHPP) and Section 811 Project Rental Assistance (Sect. 811 PRA) in their 9% applications must submit applications for MFPHPP and Section 811 by May 13, 2021 if they are seeking a conditional financing commitment at the July 1, 2021 meeting of the NJHMFA Board and no later than June 24, 2021 if they are seeking a conditional commitment at the August 12, 2021 meeting of the NJHMFA Board.
Please submit your applications for MFPHPP to the Multifamily Supportive Housing and Lending Division and Sect. 811 PRA applications to the Asset Management Division.
Underwriting Guidelines:
Equity Range
No equity range will be established for the 2021 9% round. Applicants should underwrite at pricing based upon a commitment from their equity investor. Applications without a firm commitment from an equity investor shall be underwritten at $.90.
Applicable Percentage
- 9.00% for the 70% present value credit
- 4.00% for the 30% present value credit
Average Income Set-Aside:
Please be advised that 9% Applicants will not be permitted to underwrite assuming the new "Average Income" or "Income Averaging" federal minimum set-aside election in 2021 applications.
All 2021 applicants must select either the 20% at 50% or 40% at 60% minimum set aside and adhere to current underwriting parameters (units underwritten above 60% of Area Median Income will be treated as market rate or unrestricted). After award, owners should notify the Agency of any substantive changes to the project, including a requested change in minimum set aside by no later than carryover/ binding commitment.
Inclusionary Reviews:
All 4% and 9% LIHTC applications involving the development of new affordable units, including 100% affordable, mixed-income and mixed-use development, must undergo an Inclusionary Review. Applicants are strongly encouraged to complete Step #1 in advance of submitting an application for either Agency financing and/or LIHTC. In the event Step #1 is not completed prior to submission, the Inclusionary Review must be submitted and completed as part of the application review. However, be advised that it is the responsibility of the applicant to ensure that all applicable steps are completed. Failure to complete the necessary steps in a timely fashion may result in an extended delay or an application being declared incomplete.
Submission:
Submit one electronic copy of your application through LeapFile to the LIHTC mailbox by the deadline (noon on August 31) – no paper applications will be accepted. Please separate your application into 4 distinct files/ folders and label accordingly (Part I, Part II, Part III and Part IV), LeapFile instructions can be found on the LIHTC Resources and FAQs page.
Application Fee:
The 9% application fee is $4,000. Payment of the application fee is required in order for a 9% application to be considered complete. For wire payments, please contact Johanna Peña at jpena@njhmfa.gov.
Questions?
Written questions may be sent to the LIHTC mailbox and the answers will posted in the FAQs. Project-specific questions, including document review and/or confirmation of eligibility for threshold requirements or points, are not permitted.
