Multifamily Developers

Multifamily Developers

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:

  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. 

Important General Information for Multifamily Developers

Start here for basic information regarding HMFA's financing programs, eligibility and how to apply.

Current Multifamily Pooled Bond Interest Rates

Download the current interest rates for our various multifamily financing programs, conveniently available as a PDF document (49k PDF). Updated regularly.

Multifamily Rental Financing Program Underwriting Guidelines

Download the Multifamily Rental Financing Program Underwriting Guidelines here, conveniently available as a PDF document (169k PDF). The file will open in a new browser window.

Multifamily Rental Financing Program Operating Expenses

Download the Multifamily Rental Financing Program Operating Expenses document here, conveniently available as a PDF document (78k PDF). The file will open in a new browser window.

Construction Only Loan Program Guidelines

Download the Construction Only Loan Program Guidelines, conveniently available as a PDF download (103k PDF). The file will open in a new browser window.  

Multifamily Preservation Lending Program Underwriting Guidelines

Download the Multifamily Preservation Lending Program Underwriting Guidelines here, conveniently available as a PDF document (169k PDF). The file will open in a new browser window.

Multifamily Bond Conduit Program Guidelines

Download the Multifamily Bond Conduit Program Guidelines here, conveniently available as a PDF document (168k PDF). The file will open in a new browser window.

Conduit Agency Pool of Qualified Senior Underwriters

Download the current approved Conduit Agency Pool of Qualified Senior underwriters here, conveniently available as a PDF document (188k PDF). The file will open in a new browser window.

Multifamily Appendix

Download the Multifamily Appendix here, available as a PDF file (5.9MB PDF). This file includes information as well as forms necessary for application. The file will open in a new browser window.