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Attention Developers
New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs.
Therefore, HMFA is proud to announce the Urban Preservation Program (UPP) and Workforce Housing Program (WHP), approved at the October 19, 2023 HMFA board meeting.
UPP Program- HMFA will set aside up to $80,000,000 from the State’s "Coronavirus State Fiscal Recovery Fund”, established pursuant to the federal "American Rescue Plan Act of 2021," Pub. L. 117-2, to fund the Urban Preservation Program. HMFA will administer the disbursement of the UPP funds to provide subsidy financing for projects that utilize the Low-Income Tax Credit Program and Bond Financing from HMFA. Please refer to the program guidelines and urban preservation municipality list for more information.
WHP Program- HMFA will set aside up to $50,000,000 from the State’s "Coronavirus State Fiscal Recovery Fund”, established pursuant to the federal "American Rescue Plan Act of 2021," Pub. L. 117-2, to fund the Workforce Housing Program. HMFA will administer the disbursement of the WHP funds to provide subsidy financing for mixed-income projects with non-LIHTC rental units that must be deed-restricted for occupancy by households with a gross household income of 80 percent or more, but not exceeding 120 percent, of the median gross household income for households of the same size within the housing region in which the housing is located, specifically, the Multifamily Tax Subsidy Project Income Limit Area established by the U.S. Department of Housing and Urban Development (“HUD”). Projects must be located in a Workforce Housing Area. Please refer to the program guidelines and workforce housing area list for more information.
Important: Applications for the UPP and WHP Programs will be accepted on a rolling basis starting December 1, 2023. Projects applying for funding must submit a complete financing application inclusive of an application fee. Projects utilizing conduit financing are not eligible for either program. A non-refundable application fee of $1,000 must be submitted with the application package. Applications will be deemed incomplete if required documents are not included in the application package.
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