General Information Program Overview Guidelines (185k pdf) Application Upcoming Events

Application Process:

• In late December, Agency will make available CHOICE 2009 guidelines/application forms.
  
• From February 17, 2009 – May 1, 2009, Agency will accept Eligible Project Applications (defined below) on a first-come/first-serve basis and will commit to:
  •  no more than 3 project applications from northern NJ: Sussex, Passaic, Bergen, Morris, Essex, Hudson and Union counties
  •  no more than 3 projects from central NJ:  Middlesex, Mercer, Warren, Somerset, Hunterdon, Monmouth and Ocean counties
  •  no more than 3 projects from southern NJ: Camden, Burlington, Gloucester, Salem, Cumberland, Atlantic and Cape May counties
    
• After May 1, 2009, any remaining uncommitted CHOICE 2009 financing shall be committed on a first-come/first-serve basis to Eligible Project Applications for projects located in any part of the state.
  
• No more than 2 Eligible Project Applications per municipality will be approved.
  
• Tiebreaker Rule for multiple applications received simultaneously:  In the event that the number of eligible applications exceeds either the municipal or regional limits and two or more of the applications have been received “simultaneously” (which shall be defined as any time prior to 5 p.m. cell phone time on the same day), priority for selection among simultaneously received applications shall be given to the applications that require the lower Agency subsidy per unit.  The need for a cure period will not affect the priority of receipt of an application.

Eligible Project Applications:

• Readiness to proceed is a requirement.  All projects must abide by CHOICE 2009 Program Guidelines and document checklist requirements.   Amongst these requirements, projects must demonstrate readiness to proceed by having or adhering to:
  • firm site control
  • municipal approvals (including resolution of need, preliminary site plan approval)
  • environmental approvals (including Phase I)
  • evidence of commitments from all other funding sources
  • Lead Lender must receive copy of CHOICE application at time of its receipt by the Agency and issue a Term Sheet prior to Agency commitment
  • projects receiving Agency commitments must close within 6 months; hardship requests for extension must be approved by the Agency’s Board of Directors
  • CHOICE staff shall require a 48-hour cure period for incomplete applications
• Developer must meet milestone requirements for completion of earlier Agency-approved CHOICE, MONI or UHORP applications
• Projects must be located in an Emerging Market area identified by the Agency or in a legally-designated redevelopment area in other Smart Growth areas/municipalities of the state.
• Projects must adhere to Green standards.  At a minimum, these must be HMFA Green Future guidelines developed for Single Family CHOICE projects.
  • HMFA Green Future standards developed specifically for CHOICE projects involve required items that are conducive to all projects and are reasonable in costs (examples:  Energy STAR appliances, low-flow fixtures, high efficiency toilets, etc.).  Developers will also be asked to choose 3 additional Green Future items from a list of approximately 20 items that would be more conducive to specific projects (such as insulation in the basement ceilings, durable/healthy flooring, access to daylight from each bedroom, etc.).
• Scattered sites projects must be contained within an approximate ¼ mile radius of the most central site (subject to Agency staff site visit to determine potential impact of project).
• Age-restricted projects are ineligible for CHOICE 2009 subsidy funding.