Investing in People. Changing Lives.

mid age woman on computer
father playing with son
older couple viewing a cell phone
man in wheel chair picking up laundry
mother and daughter baking


This year, our community endured extraordinary loss, yet exhibited overwhelming resilience and strength of common purpose. COVID-19 certainly affected our health and finances, but it also fundamentally changed the way we live and affected our economy and our society in long-lasting ways. One thing we
learned through this experience is just how important a safe, quality, and affordable home is for every person living in New Jersey. Quality of life starts at home. This reality is reflected in our state’s policy priorities. As we move from response to recovery, New Jersey Housing and Mortgage Finance is truly proud
to share in the Murphy Administration’s partnership with communities and residents to achieve a comprehensive and equitable recovery.

Amidst the challenges of the pandemic, NJHMFA has taken many steps to preserve core agency functions, ensuring the continued development and preservation of vital housing resources during an unexpected housing market boom, while making additional programs and funding available to assist the
many New Jersey residents in need.

Clear bright spots for NJHMFA this year have included increases in Low Income Housing Tax Credit (LIHTC) awards and the statewide expansion of our $10,000 Down Payment Assistance (DPA) program. These programmatic areas have not only persisted despite the challenges that arose during the pandemic– they’ve thrived. Our multi-family division awarded over $27 million in annual 9% federal LIHTC in 2020. These highly competitive tax credits joined with more than $254 million in private investment to create 21 developments valued at over $550 million. Cumulatively, this resulted in more than 1,300 new apartments for families, seniors, and residents with special needs. The Special Needs Housing Partnership Loan Program also assured many of these properties contained supportive housing for persons with developmental disabilities, promoting community integration and individual independence. Our single-family programs have also advanced. The DPA program has expanded statewide, realizing a 326% growth in volume since the start of the Murphy administration while achieving broader scope and greater equity. Each new housing unit -each home- produced
through these programs represents an incremental step toward a stronger
and fairer New Jersey.

Additionally, NJHMFA’s first-of-its-kind Hospital Partnership Subsidy Program
is receiving national attention for its innovative creation of high-quality and specialized affordable housing through strategic financing and development partnerships with anchor institution hospitals. In addition to continuing to develop its own project pipeline and expand the breadth of existing interventions, NJHMFA is now advising state and hospital leaders across the country who are looking to replicate the program. As public awareness of the relationship between health
and housing continues to grow, this program has proven both timely and effective.

When crisis hit, not only did NJHMFA not slow down, it moved rapidly to increase its programmatic offerings. In March 2020, the Foreclosure Mediation Assistance Program (FMAP) was expanded to include pre-foreclosure counseling, offering early assistance to help homeowners avoid potential foreclosure. Simultaneously, counseling was made available to struggling renters to empower them to seek
fair outcomes. FMAP’s expansion allowed NJHMFA to provide greater service to New Jersey’s neediest families. Financial assistance was also made available to support struggling tenants and the small landlords in whose properties they reside. Now, as the year draws to a close, NJHMFA is rapidly developing a
cadre of new programs that will provide direct financial support to many households in need.

As we reflect on the tumult of the past year, we are truly thankful for the dedicated counsel and support we receive from the members of the NJHMFA board and the New Jersey Department of Community Affairs, and the partnership we enjoy with the many and diverse developers, lenders, housing authorities,
non-profits, advocates, and public officials who help us achieve our mission. Continuing to preserve and promote access to affordable housing and homeownership throughout New Jersey is critical to the future of our state.
We look back with pride on all that has been done to weather 2020 and
look forward to helping our shared home, New Jersey, thrive in 2021.

Lt. Governor Sheila Y. Oliver

Lt. Governor Sheila Y. Oliver

DCA Commissioner

Melanie R. Walter

Melanie R. Walter

Executive Director




Housing Infographic

Beginning with their inception in the late 1960s, the
New Jersey Housing Finance Agency (NJHFA) and the
New Jersey Mortgage Finance Agency (NJMFA) championed the creation of homes for families seeking affordable rental housing; development of independent living for people
with disabilities; provision of stable homes for seniors on fixed incomes; and homebuyer assistance programs.

More than three decades after the merger of these two
highly specialized entities on January 17, 1984, NJHMFA remains at the forefront of housing development and policy
in the state of New Jersey. NJHMFA offers a variety of strong loan financing and bond programs; life-changing mortgage, down payment and closing cost assistance; and highly effective, competitive allocations of Low-Income Housing
Tax Credits to expand access to housing that is affordable
to all New Jersey residents. 




Man & woman wearing a mask



illustration of family under roof protected from covid

Small Landlord Emergency Grant Program

image of duplex building



The impact of the COVID-19 pandemic goes beyond the apparent financial and health effects. Stress, confusion, and fear confront New Jersey families facing housing insecurity. Recognizing these intersecting impacts, as well as their repercussions for the neighborhoods and municipalities whose residents are struggling with these burdens, NJHMFA seeks to reduce uncertainty and promote stability and recovery. To this end, NJHMFA continues to support housing production and preservation during a time of unprecedented COVID-19 related marketplace aberrations. NJHMFA is working with legislative partners to advance critical housing priorities and developing a variety of specialized multi-family and homeownership programs that will expand the breadth of impact achievable through the agency’s funding sources and programs. NJHMFA has also expanded the no-cost resources available to assist New Jersey residents experiencing housing insecurity due to the COVID-19 pandemic.

In March 2020, the Foreclosure Mediation Assistance Program (FMAP) was expanded to include pre-foreclosure counseling, offering early assistance to help homeowners avoid potential foreclosure. Simultaneously, counseling was made available to struggling renters to empower them to seek fair outcomes.

Approximately 1,200 rental households were served and approximately 500 households received foreclosure prevention counseling, including mediation assistance. This program’s efficacy has been recognized nationally. Indeed, NJHMFA received the State Advocacy Award from the National Council of State Housing Authorities for its administration of The New Jersey Foreclosure Mediation Act.

In August of 2020, Governor Phil Murphy and Lieutenant Governor Sheila Oliver announced the creation of the Small Landlord Emergency Grant Program (SLEG), administered by NJHMFA, which provided emergency grant funding to small property owners for COVID-19 related decreases in rent revenue. The program supported landlords by assisting them to meet financial obligations. In doing so
it also supported many families and individuals whose unpaid rent was forgiven
as part of the program.

NJHMFA created a robust infrastructure to support landlords prior to and throughout the SLEG application process. In effort to create a user-friendly experience for applicants, the NJHMFA team created a 20-person call center and a dedicated email system for the SLEG program. The center responded to greater than 15,000 calls and the email account was maintained to ensure same-day responses throughout the program’s implementation period.
During the program, over $4.6 million was allocated and distributed to over
900 applicant landlords to assist with back rent and operating costs
during the first wave of the Coronavirus pandemic.

graphic of a person carrying a box



father and two daughters baking
Kyle and Kiri homeowners
mother and daughter in front of home

Stable, invested homeowners are crucial to success and sustainability for communities. The NJHMFA Down Payment Assistance Program (DPA) exists
to promote and preserve homeownership across New Jersey. In 2020, the
median price of a single-family home in New Jersey was $345,000
; the average down payment for a single-family home was between 5% and 10% of the sales price. Faced with soaring rents and other costs, saving for a $18,000 -$34,000 down payment can seem an insurmountable challenge for first-time
homebuyers burdened with rent, household expenses, student loans, and stagnating wages. The challenge is even greater for potential home buyers from historically marginalized populations who lack access to on intergenerational wealth. This reality forces many to defer their dreams of homeownership. 

DPA pie chart

NJHMFA’s DPA supports aspiring homebuyers by providing $10,000 in down payment and closing cost funds to eligible households, putting home ownership within reach of teachers, nurses, sanitation workers, retail employees, mechanics, police, firefighters, and many other essential workers. During the Murphy Administration, DPA has grown 326% in volume, serving more than 2,600
New Jerseyans throughout our state. The program continues to grow.
In fact, despite COVID-related market disruptions, HMFA funded just
under 1,400 mortgages in 2020, an 11% increase over 2019.  

DPA has grown 326% / 2020 saw an 11% increase over 2019.

DPA pie chart




home foundation construction
hand holding a home cutout over sunburst
building construction scaffolding

2020 Commitments to Financing

Affordable rental housing is essential for strong communities. When we build strong, high- quality homes, we are contributing to the creation and maintenance of healthy, safe and vibrant communities. Housing and families influence and are influenced by the communities in which they reside. To this end, NJHMFA works to ensure that our investments leverage existing community resources and enhance market value and community well-being.

special needs Housing Infographic




In 2020, over $27 million in annual 9% federal Low-Income Housing Tax Credits (LIHTC) were awarded, opening the door to over 1,300 new apartments for families, seniors, and residents with special needs. These highly competitive federal tax credits are expected to generate over $254 million in private investment to create
21 developments valued at over $550 million.

The 2020 LIHTC awardees are undertaking exciting adaptive reuse and new development projects. Several of these developments represent the first time affordable housing is available in their host communities.

Awards in areas such as Holmdel, Princeton, and Saddle River, and a combination of mixed-income and 100% affordable projects, advance the NJHMFA’s objective to promote development in high-opportunity communities, contributing to the de-concentration of poverty and the enhancement of housing choice. NJHMFA also awarded credits to 3 projects in the Opportunities Zones of New Brunswick, Trenton and East Orange. These targeted development areas promote long-term capital investment and revitalization, and the affordable housing being developed in these zones ensures access to the resources and opportunity being fostered. NJHMFA is excited to see affordable housing opportunities being pursued across a wide variety of urban, suburban, and rural communities across our State.

This year’s Qualified Allocation Plan (QAP), which governs the award of the highly competitive LIHTC, promoted mixed income development, encouraged development in Governor-designated Opportunity Zones, and encouraged owners to provide supportive services in senior housing to allows residents to age-in-place and enhance their quality of life.
What does a LIHTC awardee development look like?
Here is just a sample of the 21 projects awarded tax credits this year: 

Housing Infographic


The Crossings At Brick Church Station

 East Orange | 400 Units

The Crossings at Brick Church Station is an urban, mixed-use transit-oriented development that will be anchored by a supermarket, community facility space, restaurants, shops, public open space and mixed-income residences in a town center.
The development is expected to produce over 2,400 jobs
in construction, architecture, and engineering in the state of
New Jersey throughout the buildout period. The project supports a wide variety of ongoing efforts to empower the community
and promotes long-term economic growth though the creation
of affordable housing job opportunities, transit
improvements, and more.

Hilltop Senior

Irvington | 94 Units

Hilltop Senior Apartments project is the former site of the Irvington General Hospital. The developer plans to make 10% of
the LIHTC units (7 units) available to households with incomes below 30% of the GMFI and 90% of the LIHTC units (62 units) available to households with incomes below 60% of the GMFI.
Five (5) of the one-bedroom LIHTC units will be set aside
for individuals who were homeless. 

Henderson Road
Supportive Housing

 South Brunswick | 61 Units

Henderson Road Supportive Housing is in the heart of South Brunswick. This two-building development is strategically located between Route 130 and Route 1 and will connect future residents with employment opportunities, excellent schools, and the best of Southern Middlesex County. The affordable and special needs units are interspersed between the two buildings and between each floor, promoting income diversification. Residents will receive supportive services to ensure they are successfully living independently and thriving in their new community. 

Tavistock At Woolwich

Woolwich | 72 Units 

Tavistock at Woolwich will be a 72‐unit affordable rental community. In a 2020 publication by South Jersey Magazine Woolwich Township was voted the #1 municipality in Gloucester County. This ranking is based on average SAT score, high school graduation rates, property values, quality of life and more.
Five of the units will be set aside for honorably discharged
and homeless veterans. A full array of social services for the residents will be provided by Center for Family Services.
The development of this affordable rental community will have
a positive impact on the neighborhood, providing residents
with access to safe, decent, affordable housing.




In addition to the highly competitive 9% LIHTC awards, NJHMFA also provides
tax-exempt bond financing that generates “as-of-right” or “automatic”
4% LIHTC for multifamily rental housing developments. 4% credits are awarded non-competitively and are generated when projects finance at least 50% of construction costs with tax exempt private activity bonds. In 2020, the total amount of LIHTC equity for the 4% projects exceeded $76 million, creating
402 newly constructed units and rehabilitating 651 existing units.


In September 2020, NJHMFA celebrated the groundbreaking of the Gordon H. Mansfield Veterans Village, a 70-unit affordable, permanent supportive housing complex that will provide homes for low-income military veterans who are homeless and at-risk of homelessness. Soldier On, a non-profit organization serving homeless veterans since 1994, will provide residents at The Gordon H. Mansfield Veterans Village with comprehensive services, including case management and wellness support, workforce assistance, benefits assessment and application assistance, legal services, transportation, telehealth, daily
meals and many ancillary support programs. Read more here. 



aerial view of whitlockmills
whitlockmills building


Whitlock Mills is the reactivation and repurposing of a historic group of dormant industrial buildings to bring new mixed-income housing to a rapidly changing
area of redevelopment with on-site amenities for residents and the community, including an innovative educational child-care facility.

The Whitlock Cordage Company formerly owned the long-abandoned site, which is the oldest surviving industrial complex in Bergen-Lafayette and considered the area’s most important landmark. The oldest buildings were constructed around 1860, with later buildings built when Whitlock Cordage moved to Jersey City in 1905. Manufacturer Whitlock Cordage operated at the site until 1960.
In 2000, the buildings were ordered to be torn down, and the land was slated to be auctioned off to pay taxes and fines. Local preservationists, community group members, and the City of Jersey City saved the property through a municipal historic landmark designation. They then championed conversion of the
complex into mixed-income housing.

The $104.2 million development features 330 one- to three-bedroom
apartments, 230 of which are affordable to lower and moderate-income residents.
The redevelopment has the dual benefit of creating affordable housing in a
city that needs it and preserving the property’s history and character
within the neighborhood.

whitlockmills logo seal
garden spruce and spires ribbon cutting
garden spruce and spires building


In March 2020, Acting Governor Sheila Y. Oliver and Mayor Ras J. Baraka joined federal, state and city officials, community leaders, and property owner Omni America, LLC to announce the completion of a $172 million rehabilitation of
the Garden and Spruce Spires affordable housing communities in Newark.
The rehabilitation, which was funded in large part by the State, addressed all past building and fire code violations and has dramatically improved the quality of life for the more than 650 families who reside in this formerly dilapidated housing. 
Read more here. 

drawing of garden spruce and spires building
image of hinchliffe stadium
rendering of renovated hinchliffe


In February 2020, The NJHMFA board advanced the comprehensive community redevelopment of the Hinchliffe Stadium neighborhood in Paterson by approving funding to build a $29 million, 75-unit affordable senior housing development. Built in the early 1930s, Hinchliffe Stadium, one of few remaining Negro League ballparks and a later site for high school sports, has been vacant for over two decades. During its dormancy it suffered extensive neglect and deterioration. The stadium is one of two surviving major athletic stadiums in New Jersey that predate World War II and has been named a national historic landmark. This hilltop site will now serve as a community anchor once more. Read more here.

illustration of Hinchliffe Stadium emblem
 Branches at Centerville groundbreaking
 Branches at Centerville Aerial


In February 2020 construction commenced on The Branches at Centerville, a
58-unit affordable apartment building for seniors. This property is the last
phase of the redevelopment of a former public housing site in the City of Camden’s Centerville neighborhood. Phase four of The Branches at Centerville
will complete the comprehensive revitalization of the site of the former
Clement T. Branch Village. The former Branch Village was built in 1941 and
named for Dr. Clement T. Branch, who was a prominent doctor and the first
African American to serve on the Camden school board.  Read more here.

 Branches at Centerville building drawing



group shot with LT Governor
RWJ Barnabas Pennrose_Rendering
NJHMFA Charles Richman

The Hospital Partnership Subsidy Program stems from the recognition that
access to quality housing is critical to maintaining good health and that hospitals are crucial anchor institutions well-positioned to advance housing as and in conjunction with healthcare. Under this award-winning program, NJHMFA
matches funding contributions from participating hospitals to provide affordable rental apartments for low- and moderate-income families, as well as apartments with access to supportive and wrap-around services for special needs residents.

The NJHMFA Hospital Partnership Subsidy Program is the largest
non-tax-credit private investment in affordable housing development

In 2020, NJHMFA undertook a partnership with RWJBarnabas Health in the
City of Newark. Currently, there are three partnerships underway in New Jersey. Additional projects are in the pipeline. As development progresses, partnership projects are moving beyond the primary site, also exploring healthy housing interventions into substandard housing-related health hazards in each
Hospital Partnership Project’s neighborhood.   




Ariel shot to NJ state house
New Jersey Governor with group shot
njhousing legal

Assembly Bill 2636 / Senate Bill S2527: NJHMFA is implementing the provisions of S2527, which seeks to ensure that available affordable housing units are affirmatively marketed and readily accessible on an online database. HMFA ‘s Housing Resource Center database is designed to promote the legislature’s
stated objective of bringing affirmative marketing requirements in line with the
NJ Fair Housing Act’s intention to provide opportunities for those individuals least likely to apply. This bill brings affirmative marketing plan requirements into the internet age by promulgating rules that dramatically expand the type of affordable housing listings that have to be posted to the online Housing Resource Center.  

Suspension of Rent Increases at all NJHMFA-Regulated Properties. Given the significant and unexpected hardship experienced by many New Jerseyans during the COVID-19 pandemic, the NJHMFA Board unanimously voted to suspend rent increases at all eligible properties within the Agency’s portfolio, which includes 36,000 rental units across the state. The suspension of rent increases remains
in place through January 1, 2022 under current state law. This regulatory action provided much needed stability in a time of widespread fear and hardship for many individuals and families.

Image of word legislation on torn paper




Housing Infographic

Economic impact multipliers were provided by Econsult Solutions Inc.
to determine the total impact of affordable housing development in New Jersey, which are are based on both direct and indirect/induced jobs, operating
costs, compensation and consumer/resident spending.



Our Board Members

The NJHMFA Board has offered unwavering support throughout this unusual period in our
shared history. Their decisive, rapid action on matters of importance throughout this crisis
has allowed NJHMFA to remain nimble and responsive as needs emerged across the housing community. We are thankful for the continued support of the NJHMFA board members, and
ever grateful for their dedication to the mission. 

ex officio, Chair, Commissioner of the Department of Community Affairs of the State of New Jersey

ex officio, Commissioner of the Department of Banking and Insurance of the State of New Jersey

ex officio, State Treasurer of the State of New Jersey

ex officio, Acting Commissioner of the Department of Human Services of the State of New Jersey

ex officio, Attorney General of the State of New Jersey

 public member, of Wyckoff, New Jersey

public member, Vice President and Senior Business Banker, PNC Bank

MBA, public member, Fulcrum Consulting Group