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The NJ Housing and Mortgage Finance Agency works closely with developers, providing a variety of services and programs to assist them with the production and preservation of affordable housing. For information on specific programs, review the menu items below.


Due in large part to the success of HMFA's Conduit Bond Financing Program and the leveraging of Superstorm Sandy CDBG-DR funds, demand for volume cap in conjunction with HMFA's Multifamily Tax Exempt Bond Financing Programs has reached unprecedented levels.

The priorities for currently available 2016 cap are as follows:

  1. Superstorm Sandy projects receiving Fund for the Restoration of Multifamily Housing (FRM) and/or Sandy Special Needs Housing Fund (SSNHF) funds; and
  2. Non-Sandy projects that have received an HMFA commitment

On May 26, 2016, the HMFA Board approved proposed Volume Cap Selection Criteria* (71k PDF) in order to provide an objective methodology of awarding volume cap as it becomes available for projects beyond the aforementioned priorities. The approval of the Volume Cap Selection Criteria is subject to the Governor's 10-day veto period.

Download the Volume Cap Selection Criteria (71k PDF)

Application Process and Timeline
HMFA staff shall announce any Notice of Funding Availability (NOFA) at least 45 calendar days prior to the application deadline date (the NOFA Deadline). In order to be considered for a reservation of volume cap, projects shall have obtained an HMFA Board-Approved Declaration of Intent (DOI)** and shall provide documentation to support qualification under any applicable Selection Criteria by the NOFA Deadline.

Shortly after a NOFA closes, eligible projects shall be ranked based on the Selection Criteria (71k PDF). Once HMFA is notified by Treasury of the amount of volume cap available for the NOFA, Project Sponsors shall then be notified if they have received a reservation of volume cap. Awarded Sponsors shall have one year from notification of a volume cap reservation to obtain a mortgage commitment for tax exempt financing from the HMFA Board.

Any project that is unable to meet the above deadlines would lose their reservation of volume cap but would be eligible to submit a request under the next NOFA.

No less than 50% of the available volume cap under each NOFA shall be made available to rehabilitation projects, and no less than 50% shall be made available to family projects provided NJHMFA receives a sufficient number of eligible applications to result in these allocation percentages.

Defined terms in the Selection Criteria (71k PDF) shall be interpreted consistent with the NJ Qualified Allocation Plan at N.J.A.C. 5:80-33 et seq.

The Selection Criteria (71k PDF) deals solely with the prioritization of projects for a volume cap reservation. Projects selected under a NOFA must adhere to all other HMFA requirements to receive a commitment for HMFA Multifamily financing.

* Subject to the Governor's 10-day veto period

** Projects seeking a Declaration of Intent at the July meeting of the HMFA Board shall submit hard copies of all items listed on Part I of the appropriate Document Checklist (see below) no later than noon on June 30, 2016. 

UNIAP - The Unified Application for HMFA Multifamily Rental Housing Production Programs

If you are a developer building or preserving rental housing that is affordable to low- and moderate-income households, your project may require funding from more than one source.

To assist you, HMFA has streamlined the process for applying to these programs with the UNIAP, which is an acronym for the Unified Application for HMFA Multifamily Rental Housing Production Programs.

The UNIAP will create an application for you based upon the combination of programs to which you are applying.

CDBG Sandy Disaster Recovery Program

Click here to find out more about the Community Development Block Grant - Disaster Recovery (CDBG-DR) program.

Multifamily Developers

The Division of Multifamily Lending/Preservation offers several financing options to assist sponsors and developers in the preservation of affordable housing. Learn more about HMFA's multifamily rental housing financing programs and the application requirements here.

Low Income Housing Tax Credits

Information about the NJHMFA's Low Income Housing Tax Credits Program


Information about the NJHMFA's CHOICE Program

Special Needs

Information about the programs available for developers working on Special Needs projects