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QAP:
The NJHMFA website has been updated to include the 2024 QAP.
UNIAP:
The 2024 UNIAP will be posted in the coming weeks.
LIHTC Resources:
The 9% LIHTC timeline and other important resources are now posted. Please visit the LIHTC Resources and FAQs page. Additional resources will be updated on this page as they become available.
Underwriting Guidelines Equity Range:
No equity range will be established for the 2024 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 cents on the dollar.
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% LIHTC Applicants will not be permitted to underwrite assuming the "Average Income" or "Income Averaging" federal minimum set-aside election in 2024 applications.
All 2024 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 the 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.
Applicants can submit Step #1 information to the Tax Credit Division (as applicable) through Leap File, via the Tax Credit mailbox: NJHMFAtaxcredits@njhmfa.gov. No hard copies of the material are required. For more information, review the Agency's Inclusionary Policy.
Application Submission:
Submit one paper copy of the application by the filing deadline to 637 South Clinton Avenue, Trenton, NJ 08611 AND an electronic copy of the application through Leap File to NJHMFAtaxcredits@njhmfa.gov by the deadline of (noon on August 9). Please separate your application into 4 distinct files/folders and label accordingly (Part I, Part II, Part III, and Part IV), using Leap File.
Application Fee:
The application fee is $5,000. Payment of the application fee is required in order for a 9% application to be considered complete. For wire payment instructions, please contact Johanna Peña at jpena@njhmfa.gov.
Important: The application fee is due by the application deadline or the application will not be accepted.
Tax Credit Questions?
Written questions may be sent to NJHMFAtaxcredits@njhmfa.gov and the answers will be posted in the FAQs. Project-specific questions, including document review and/or confirmation of eligibility for threshold requirements or points, are not permitted. Responses to FAQ questions will be posted periodically.
*Important- NJHMFA Financing:
Applicants listing NJHMFA financing as a source of funds shall include an executed preliminary approval letter at the time of submission of the 9% LIHTC application. The executed preliminary approval letter must reflect the same project development budget included as part of the 9 % LITHC application and the underwriting parameters must conform with current NJHMFA Multifamily Underwriting Guidelines and Financing Policy.
Applicants seeking a preliminary approval letter to include as part of their 9% LIHTC application must submit a complete mortgage financing application package to NJHMFAMultifamily@njhmfa.gov no later than COB on June 21, 2024. The mortgage financing application submission must contain the required documentation as listed in the UNIAP to be deemed a complete financing application package. Please refer to the UNIAP page 13, for the required documentation to be submitted. An incomplete mortgage financing application submission will neither be processed nor advanced for review.
MF Application Fee:
The multi-family financing application fee is $4,000. The application fee for the Special Needs Housing Trust Fund Program is $1,000 for those projects applying to the Supportive Housing Cycle and for projects setting aside additional special needs units above the five units needed for points. Payment of the application fee is required for an application to be processed. For wire payments, please contact Karen Howland at KHowland@njhmfa.gov or Ivelisse Melendez-Aguirre at imelendezaguirre@njhmfa.gov.
MFPHPP and Section 811:
Sponsors that wish to apply for $150,000 per unit capital subsidy through the Money Follows the Person Housing Partnership Program (MFPHPP) should submit applications to Terre Lewis, at the Department of Human Services, Terre.Lewis@dhs.nj.gov.
Sponsors that wish to apply for Section 811 Project Rental Assistance (Sect. 811 PRA) must submit applications to Lavern Henry, LHenry@njhmfa.gov by June 21, 2024.
Multifamily Questions?
Please send questions regarding the electronic Leap File application submission process to NJHMFAMultifamily@njhmfa.gov.
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