Agency Regulations

Agency Regulations

Download the Agency Regulations (6MB PDF).

Proposed Amendment of Qualified Allocation Plan, N.J.A.C. 5:80-33.9(c)

A proposed amendment of the New Jersey Housing and Mortgage Finance Agency’s (Agency) Qualified Allocation Plan (QAP), codified at N.J.A.C. 5:80-33.1 et seq., will be published in the April 20, 2015 New Jersey Register at 47 NJR 4(2). Section 42 of the Internal Revenue Code of 1986 (Code) establishes a low-income housing tax credit (LIHTC) that may be applied against the Federal income tax of persons or entities who or which have invested in certain buildings providing affordable housing. As the housing credit agency for the State of New Jersey (State), the Agency allocates these credits to qualified taxpayers and thereafter monitors their compliance with Section 42 of the Code. The QAP sets forth the standards and procedures used to perform allocation and monitoring responsibilities and is the QAP for the State required by Section 42 of the Code. The amendment is being proposed to eliminate a disparity between housing projects that apply for nine-percent tax credits and those that apply for tax credits entirely from volume cap (known as four-percent tax credits) by implementing a seven-year period of ineligibility from participation in the LIHTC program for any general partner, voting member, developer, or related party who owned a managing or controlling interest in an LIHTC project when title was foreclosed thereon by entry of judgment or deed in lieu of foreclosure or that has ongoing uncorrected issues of non-compliance.

A public hearing on the proposed amendment of the QAP has been scheduled to be held in the boardroom of the Agency offices at 637 South Clinton Avenue, Trenton, New Jersey on Thursday, May 21, 2015 at 2:00 p.m. Interested persons may appear and comment upon the proposed amendment; please call the Agency’s Division of Tax Credit Services at (609) 278-7629 if you wish to be included on the list of speakers.
Interested persons may also submit written comments, which will be accepted by the Agency until June 19, 2015. Please submit written comments to:

Debra Urban
Senior Director of Programs
New Jersey Housing and Mortgage Finance Agency
637 South Clinton Avenue
P.O. Box 18550
Trenton, NJ 08650-2085
E-mail: durban@njhmfa.state.nj.us 

The full text of the proposed amendment is available for download as a PDF document here. If you prefer to see the entire URL, here it is: http://www.njhousing.gov/media/download/regulations/proposed_amendments.pdf

Waivers

Requests for waivers from the express provisions of the HMFA's regulations may be made by submitting such request to the attention of the Executive Director. Waivers may be granted only by the HMFA Board when such waiver would not contravene the provisions of the HMFA's enabling statute, N.J.S.A. 55:14K-1 et seq., and upon a finding that, in granting the waiver, the Board will be promoting the statutory purposes of the HMFA.

The HMFA's waiver regulation is found at N.J.A.C. 5:80-19.