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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.
NJHMFA administers the following programs appropriated from the State’s "Coronavirus State Fiscal Recovery Fund” allocation, established pursuant to the federal "American Rescue Plan Act of 2021," Pub. L. 117-2: the Affordable Housing Production Fund (AHPF), the Affordable Housing Production Fund Set-Aside (AHPFSA), the Urban Preservation Program (UPP), and the Workforce Housing Program (WHP), collectively known as the SLFRF Programs.
New Jersey Housing and Mortgage Finance Agency has administered these legislatively appropriated funds to provide subsidy financing for eligible projects in need of gap financing to support LIHTC development.
Important: In accordance with U.S. Department of the Treasury Coronavirus State and Local Fiscal Recovery Funds (SLFRF) regulations, funds must be obligated by December 31, 2024, and must be expended by December 31, 2026. Failure to meet these deadlines will result in SLFRF funds being recaptured by the U.S. Department of Treasury.
Developers seeking financing from NJHMFA for any of the above SLFRF programs are strongly encouraged to work with NJHMFA staff and submit a complete mortgage financing application package to NJHMFAMultifamily@njhmfa.gov as soon as possible. Applications must be reviewed and presented to the NJHMFA Board for a mortgage financing commitment by the December 12, 2024 board meeting. Additionally, all mortgage closings on SLFRF funds must be completed by December 31, 2026. The financing application submission must contain the required documentation as listed in the UNIAP to be deemed a complete financing application. A non-refundable application fee of $1,000.00 must be submitted with the financing application package.
Important: Funding is subject to availability; therefore, it is important to note that submission of an application does not guarantee funding. Funds will be committed on a ready-to-proceed basis.
NJHMFA also requests that all developers intending to submit applications for these SLFRF-funded programs submit a letter of intent no later than COB May 31, 2024 to permit NJHMFA to predict need and allocate available funding across the program pipeline.
Non-SLFRF funds are not subject to these restrictions. Non-SLFRF funding availability will be noticed separately.
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