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.
IMPORTANT ANNOUNCEMENT REGARDING VOLUME CAP - MAY 26, 2016
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:
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.
Application Process and Timeline
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.
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.
Click here to find out more about the Community Development Block Grant - Disaster Recovery (CDBG-DR) program.
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.
Information about the NJHMFA's Low Income Housing Tax Credits Program
Information about the NJHMFA's CHOICE Program
Information about the programs available for developers working on Special Needs projects