UNIAP - Application for Financing

UNIAP - Application for Financing

  1. What is UNIAP?
  2. 2019 Tax Credit Application Updates
  3. 2019 UNIAP Documents
  4. Questions?

  1. What is UNIAP?

    UNIAP is the Unified Application for HMFA Multifamily Rental Housing Production Programs. It is the one place to go to apply for:

    1. Multifamily Financing Programs - (Three [3] complete sets required at submission)
    2. Low Income Housing Tax Credits - (One [1] paper copy and one [1] electronic copy on flash drive or CD.)
    3. Supported Housing and Special Needs Programs -  (Two [2] complete sets required at submission)

    Projects often require funding from more than one of the programs listed above. The UNIAP consolidates the application process across programs, in order to reduce the number of forms you need to fill out.

    Before Applying: Review the program information available on this website and the program guidelines within the UNIAP. Please contact the appropriate program staff, particularly if you are seeking Special Needs financing, for pre-application guidance and instructions.


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  2. 2019 Tax Credit Application Updates

    9% Application Deadlines
    Family, Senior and Supportive Housing Cycles and Mixed Income Reserve:  Noon on September 12, 2019

    Underwriting Guidelines
    The underwriting guidelines shall be as follows:
     
    Equity Range
    No equity range will be established for the 2019 9% round. Applicants should underwrite at pricing based upon a commitment from their equity investor. However, applicants should be advised that no hardship applications will be accepted for adjustments made in equity pricing between application and closing with the investor. Applications without a firm commitment from an equity investor shall be underwritten at $.90.
     
    Applicable Percentage

    • 9.00% for the 70% present value credit
    • 3.27% for the 30% present value credit

    Average Income Set-Aside:
    Please be advised that 9% Applicants will NOT be permitted to underwrite assuming the new “Average Income” or “Income Averaging” federal minimum set-aside election in 2019 applications.

    All 2019 applicants must select either the 20% at 50% or 40% at 60% minimum set aside and adhere to current underwriting parameters (units underwritten above 60% of Area Median Income will be treated as market rate or unrestricted).  After award, owners should notify the Agency of any substantive changes to the project, including a requested change in minimum set aside by no later than carryover/ binding commitment.


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  3. 2019 UNIAP Documents

    The 2019 UNIAP is now available. See below for Application, Guides and Worksheets. (You will need Microsoft Word and Excel installed on your computer to open the .doc and .xls files, respectively.)


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  4. Questions?

    Contact the Tax Credit division by sending your written questions to the LIHTC mailbox at: NJHMFAtaxcredits@njhmfa.gov
    All questions and responses will be posted in the FAQs.  Applicants are encouraged to check the FAQs periodically for updates.  

     


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