Overview of Program
IMPORTANT NOTICE: ATTENTION DEVELOPERS!
|As of December 6, 2013, we are no longer accepting applications for the CHOICE 2013 Program. Please make an appointment to submit any pending applications prior to that date.
Information about a CHOICE 2014 Program will be posted on our website in January. Check the website periodically for any announcements. Thank you.
Eligible Project Applications
Please read the CHOICE Program Guidelines and Application Instructions thoroughly. You can access all of the necessary documents on the CHOICE Application Page.
All requirements listed in these guidelines and application package must be complete for CHOICE review. It is the applicant's responsibility to provide the required information. Agency staff cannot independently provide application documentation.
In order to submit an application in CHOICE, the developer/sponsor must meet with staff to review their application, prior to the submission. Please contact a member of the CHOICE staff using the information at the bottom of this page to schedule an appointment.
Visit the CHOICE Application page to download the Application documents and Instructions.
If you have any questions, please feel free to contact our CHOICE staff. Their contact info is listed near the bottom of this page.
(Click here to download the following Application Process information as a 203k PDF)
- May 15, 2013: CHOICE information meeting held at NJHMFA office in Trenton for all CHOICE 2013 applicants.
The Agency shall begin accepting and reviewing CHOICE 2013 applications after the project review meeting with CHOICE staff. CHOICE construction loan and subsidy funding commitments will be made by the HMFA Board on a first-come, first-served basis.
As part of the fairness of allocation, generally, no more than two (2) applicaitons per municipality will be approved for 2013 CHOICE awards. However, depending upon such things as the size of approved projects, availabitily of remaining funds and the length of time unused funding has been available, exceptions may be made.
- May 23, 2013: CHOICE 2013 guidelines/application forms will be made available.
Applications will be recommended for funding commitments on a first-come, first-served basis in the order that they are deemed complete by the Agency staff.
The Agency recognizes that the requests for 2013 CHOICE subsidy funding may exceed the total 2013 subsidy funding that is being made available. If the completed but unapproved applications exceed the total available 2013 CHOICE subsidy there will be a random selection(s) made by the Agency to determine which completed applications will be recommended for awards. Application will be deemed to have been completed simultaneously if deemed by the Agency staff to be completed within seven (7) calendar days of the date of the first completed application and there are no allocation fairness issues to consider. The Agency staff makes no representations that it will notify applicants of the approval status of any application that has not been approved by the Agency Board. The Agency will randomly select the completed application(s) for recommendation for award by assigning numbers to each application and using the HAS random selection calculator or some other verifiable random selection program to make the selection.
- The applicant's chosen Participating Lender, if applicable (note that it is the applicantto select a Participating Lender and secure a commitment) and the Agency shall simultaneously review the CHOICE application. The Agency shall ensure that the application meets all CHOICE Program Guidelines and that all application instructions and requirements are met. The Participating Lender, if applicable shall assist the Agency in determining the development team analyze real estate sales comparables for the proposed project units, underwrite the project and provide to the sponsor a commitment for financing, with the sole condition being Agency commitment for the project.
- If there are deficiencies in the application, the Agency shall notify the applicant and send a list of those deficiencies (needed documents, missing signatures, etc.) to the applicant.
- If and when all the information in the application is acceptable, and availability of funds, the Agency shall formally seek approval from the Agency Board of Directors for a commitment for project financing (construction loan, subsidy, if any, and an end loans set-aside).
- After the Agency’s Board of Directors has formally committed the Agency financing, the Participating Lender, if applicable and Agency shall then prepare for closing. Projects receiving Agency commitments must close within 120 days after the Agency's commitment takes effect.
- After the closing takes place on all Agency and Participating Lender financing, the Participating Lender shall oversee construction period servicing and disburse the CHOICE construction loan and subsidy funds (except for the required subsidy retainage, which will be disbursed by the Agency directly to the Sponsor upon receipt of certificates of occupancy for each unit, evidence of any required unit deed restrictions and approval by the Agency of an independent project cost certification).
- Partially completed projects and age-restricted projects are ineligible for CHOICE 2013 subsidy funding.
- The Agency reserves the right to reject any and all submissions. Funding of any application is always subject to the availability of funds.