8609

8609

In order for Tax Credit Staff to complete Part I of the IRS Form 8609, the following items should be submitted to the Agency within 90 days after permanent loan closing. Failure to submit these items in a timely fashion will delay the processing of your IRS Form 8609.

All 8609 documentation must be submitted electronically to Johanna Pena at jpena@njhmfa.gov or through Leapfile (link).   Please ensure that scanned documents are clear and legible.

  • Sponsor Certification (26k PDF)
  • Cost Certification Form (17k PDF)
    • Cost Certification Schedules (68k XLS)
    • Please note that for tax credit applications received after the effective date of the 2019/2020 QAP (June 3, 2019), a separate audit of the general contractor's costs, as outlined at N.J.A.C. 5:80-33.28(a), is also required.
  • 15-Year Operating Proforma as approved by your first mortgage lender or syndicator if no first mortgage exists.
  • Investor Certification (5k PDF) and all syndication documents (i.e. partnership agreement(s) including any amendments or addendums).
  • Contractor Disclosure Certification (9k PDF)
  • Certification of Completion of Affirmative Fair Housing Marketing (8k PDF)
  • If applicable, Developer Certification of MBE/WBE Utilization (16k PDF). Please also ensure Schedule H is included in the cost certification. 
  • If applicable, Special Needs or Social Services Certification (15k PDF) and all social service contracts.  For social services, also submit evidence of the activities being offered (flyers, calenders, etc).   For projects with supportive housing units, provide a description of the services currently being provided. This should be provided by the organization that is providing services to special needs residents.
  • Evidence that the project's property manager has successfully completed an NJHMFA-approved tax credit certification course and has completed at least 6 hours of compliance training from an Approved Provider (28k PDF) within the last 12 months.
  • Balance of Allocation/Issuance Fee as more fully described in your tax credit reservation letter or 42m letter. For 4% projects, please wait to send payment until the final credit amount has been calculated and Agency staff has provided the balance due amount.
  • Copy of mortgage notes for all permanent debt.
  • Original recorded Deed of Easement and Restrictive Covenant for Extended Low-Income Occupancy.
  • If applicable, provide an architect's certification of up to 3 unit amenities, 2 project amenities and 1 community policing and/or public safety enhancement.
  • For Projects that are electing Income Averaging/Average Income Federal Minimum Set Aside, please submit evidence of Investor approval as well as an income designation for every unit in Excel, keeping in mind the following requirements:
    • Every unit must be designated at 10% increments ranging from 20% of AMI up to 80% of AMI and will be rent restricted and occupied by households whose incomes are less the designated income limitation.  
    • No more than 4 income designations may be selected and the average of all designated income limitations shall not exceed 57.5% of AMI.
    • There must be a proportionate mix of units at each income designation, unless otherwise required.
    • Each unit's target affordability will be officially designated at the time of 8609 and will be fixed for the initial compliance period.
    • The income designation of the units may not change without express Agency approval, even in the case of the Next Available Unit rule. 
    • This election, which is irrevocable, will be reflected in the Deed of Easement & Restrictive Covenant & Part II of the IRS Form 8609.
  • Submit the Green Homes Post-Construction Approval Letter evidencing the project's successful completion of the Energy Star program (or equivalent), the elected Green Point option, and/or Energy Benchmarking, if applicable.  Please also submit copies of ENERGY STAR rebate checks or documentation regarding the amount of any rebates or energy incentives due to the project. Please contact Pamela DeLosSantos at 609-278-7627 or pdelossantos@njhmfa.gov for letter issuance.
  • Evidence of the placed in service date for all buildings (e.g. certificates of occupancy). For properties with acquisition tax credits, submit a deed or a ground lease showing the date the ownership was transferred. For rehabilitation projects, submit a letter from the CPA or include within the cost certification, confirmation that the IRS-mandated minimum rehab threshold amount was met by the specified placed-in-service date(s).
  • The low-income and total residential square footage and number of units per each building.
  • Digital picture, in JPEG format, which showcases the front of the building, as well as a preconstruction picture (if available), either copied onto compact disc or emailed to Johanna Pena at jpena@njhmfa.gov
  • Evidence that the property has been listed on the NJ Housing Resource Center.