New Jersey Housing and Mortgage Finance Agency

New Jersey Housing and Mortgage Finance Agency | CHOICE

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	Developers > CHOICE


		General Information


		Guidelines 88k pdf


		Application

Program Summary
CHOICE is the Agency's comprehensive financing program for the development of newly constructed and substantially rehabilitated homeownership housing in New Jersey. The program features below-market interest rate construction loans and construction subsidy funding for developers as well as favorable end loan financing for eligible homebuyers. CHOICE aims to promote both viable and affordable markets as needed in urban and suburban municipalities while also enabling opportunities for workforce and middle-income homeownership.

Please click in the blue box under Guidelines for more information.

* IMPORTANT UPDATE - April 28, 2008 *

The New Jersey Housing and Mortgage Finance Agency’s (“HMFA”) CHOICE program has been extremely successful since its inception in late 2006. The program’s low-interest construction loan financing and subsidy funds already committed and set-aside for market-rate and affordable single-family home development will result in the construction of more than 700 units of housing all over the state.

Due to the overwhelming success of the program, HMFA must temporarily stop accepting applications requiring subsidy. Nonetheless, we will once again be offering construction loan/subsidy financing in early 2009 through a competitive program, and we will notify you well in advance regarding application deadline dates.

While subsidies are unavailable now, the CHOICE program is still accepting applications for low-interest construction financing for market-rate projects that provide 5% of units as an affordable set-aside. CHOICE’s market program only requires 10% developer equity, and financing for this program is unlimited. Please contact Joyce Earley at 609-278-7550 if you have any questions.

Thank you for your support of CHOICE, and we look forward to continuing business with you in the future.




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New Jersey Housing and Mortgage Finance Agency 637 South Clinton Avenue P.O. Box 18550 Trenton, NJ 08650 609-278-7400 Copyright © State of New Jersey, 2007