NJHMFA logo

2025  
ANNUAL REPORT 

Supporting People, Delivering Affordability

teacher with students

INVESTING IN OUR TEACHERS

one nurse female

INVESTING IN OUR NURSES

hands holding family paper cut out

INVESTING IN OUR FAMILIES

male first responder

INVESTING IN OUR FIRST RESPONDERS

american seniors citizen in a circle

INVESTING IN OUR SENIORS

2025

The cost of housing is a challenge that dominates family decision-making, private conversation, and public policy discourse across New Jersey and across the United States. It has emerged as a keystone issue; without addressing housing affordability, few other major economic and social challenges can truly be remedied. In 2025, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) confronted this challenge head-on. Building upon its historic investment in multifamily housing and single-family mortgages over the past few years, NJHMFA took concrete steps toward a more affordable New Jersey. Through targeted policies and innovative financing, NJHMFA has made it possible for thousands of New Jerseyans to find a place to call home.

NJHMFA financed $2.39 billion in residential development in the past three years by leveraging $530 million in funding from the Federal American Rescue Plan Act (ARPA) . These resources were allocated to create new affordable housing and to preserve existing affordable housing in communities throughout the state. In 2025, NJHMFA obligated the final 18% of ARPA funds to Affordable Housing Production Fund (AHPF), Urban Preservation Program (UPP), and Workforce Housing Program (WHP) multifamily housing projects. NJHMFA staff worked diligently to ensure the funds were deployed efficiently, ultimately investing them in 4,959 new housing units, of which 4,699 are affordable and 178 are deed restricted as workforce, and the preservation of1,192 existing affordable housing units.

Across all programs, 2025 was a highly successful year. The Agency provided more than $930 million in subsidy and financing to spur $1.45 billion in residential construction across 34 projects. This supported the development and rehabilitation of 3,059 rental housing units, 2,087 of which are deed restricted for low-to-moderate income families, and the creation of an additional 196 housing opportunities for individuals with special needs.

NJHMFA also used its financing power to revive another 23 tabled projects. These investments catalyzed$900 million in total development consisting of 2,235 rental units. 1,600 of the funded units are deed restricted for low-to-moderate income families and, within these units, 252 are reserved for individuals with special needs.

Cumulatively, NJHMFA’s $1.5 billion in direct 2025 investment is generating more than $2.4 billion in residential construction in New Jersey.

Beyond production numbers, NJHMFA has also undertaken considerable technological and data gathering and reporting initiatives. Over the past three years, NJHMFA has launched public facing dashboards that report on Multifamily production and preservation, homelessness intervention services, and single-family programs. In 2025, NJHMFA launched the Multifamily and Supportive Housing Lending Developer Portal. The portal streamlines and automates the development application process, standardizing submission documents, streamlining communications, and facilitating internal and developer project tracking.

NJHMFA’s multifamily programming is not the only growing part of the Agency’s portfolio. Although inventory continues to decline statewide, falling another 4% in 2025 and more than 20% since 2020, and prices continue to rise to a new average of $680,000 per home, NJHMFA’s Down Payment Assistance Program (DPA) is strong. In 2025, the DPA program made homeownership possible for 3,684 first-time homebuyers, 1,670 of whom were the first in their family to own a home. Alongside the DPA, NJHMFA offers below market interest rates, which, together with the down payment assistance, save NJHMFA homebuyers approximately $51,161 on average over the course of a 30-year mortgage. By reducing barriers and lowering monthly costs, NJHMFA is helping families begin to build generational wealth through homeownership, delivering real results for families across New Jersey. Indeed, families that purchased their homes using NJHMFA’s DPA program between 2016 and 2024 experienced a cumulative $1.1 billion in equity appreciation through 2025.

NJHMFA has also stood by thousands of families that own their home, but have struggled to pay their housing expenses due to pandemic related hardships. The Emergency Rescue Mortgage Assistance (ERMA) Program has provided $242,226,072 in direct financial relief to 8,334 throughout the end of 2025. The program, which is required by federal law to wind down in the fall of 2026, remains a vital source of help for New Jersey families even years after the pandemic ended. In 2025, alone, 300 households were provided approximately $11 million in relief. The average awardee’s income was approximately half of the median income for their county. To these families, the average award amount of $36,045 NJHMFA gave was a significant financial lifeline, reinstating their mortgage to current status and providing up to four months of future payments, thus ensuring that working and middle-class households kept and stayed in the homes where they have built their lives. Meanwhile, the Foreclosure Mediation Assistance Program (FMAP) provided county-based housing counseling services to 2,535 families experiencing default or difficulty meeting their monthly housing payments, regardless of the type of hardship.

\NJHMFA’s Foreclosure Intervention Program (FIP) has also continued to grow, offering critical support to non-profits and communities seeking to preserve homeownership in the face of foreclosure and abandonment. Nationally recognized in 2025 for its design, FIP has already distributed $2,287,569 to non-profit organizations for the acquisition and rehabilitation of foreclosed properties. Initial results have been compelling with six properties already rehabilitated and sold to families earning 120% of area median income or less. Many more are underway, and funding remains available to support many more.

NJHMFA continues to prioritize efficiency and creativity as it persists in an environment of increasing scarcity. It leverages resources at high rates, and couples resources and incentives to maximize production results.

The continued growth of NJHMFA’s programs, both in terms of production volume and program diversity, underscores the Agency’s pivotal role in shaping New Jersey’s future. As the Garden State’s leader in affordable housing, NJHMFA continues to deliver tangible results for the quality, availability, and affordability of housing in New Jersey.
  

Supporting People, Delivering Affordability

Melanie R. Walter

Melanie R. Walter

Executive Director

Jacquelyn A. Suárez

Jacquelyn A. Suárez

NJDCA Commissioner NJHMFA Board Chair

 

AGENCY IMPACT 

Historical Production  

Housing Infographic

A Track Record of Success 

Since its inception in the late 1960s, the New Jersey Housing Finance Agency (NJHFA) and the New Jersey Mortgage Finance Agency (NJMFA) have been instrumental in creating affordable rental housing for families; promoting independent living for individuals with disabilities; providing stable housing for seniors with fixed incomes; and implementing homebuyer assistance programs. Following the merger of these two specialized entities on January 17, 1984, NJHMFA has remained at the forefront of housing development and policy in New Jersey. NJHMFA provides a range of robust loan financing and bond programs; transformative mortgage, down payment, and closing cost assistance; and highly effective, competitive allocations of Low-Income Housing Tax Credits to expand access to affordable housing for all New Jersey residents.


NJHFMA’s 2025 Funding Commitments
Affordable housing provides the essential underpinning for the development of resilient, thriving communities. The quality and accessibility of housing exert a profound impact on the health, safety, and vibrancy of neighborhoods. Moreover, housing is intimately connected with families and the communities in which they reside, influencing and being influenced by their environment. In accordance with these principles, NJHMFA remains resolute in its commitment to ensuring that its investments serve as stimuli, seamlessly converging with existing community resources, elevating market value, and enriching the well-being of all communities. 

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AFFORDABLE 
 MULTIFAMILY HOUSING

foundation construction

 BUILDING

 

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STRONG

New Jersey Housing & Mortgage Finance Agency

Home being drawn in a circle

COMMUNITIES 

 

2025 COMMITMENTS TO FINANCING

Housing Infographic

Affordable rental housing is an essential component in all communities, ensuring families and young professionals have access to safe and stable places to call home. Neighborhoods thrive when housing and essential resources are aligned with the needs of their residents, and NJHMFA continues to support the production of affordable housing that promotes their health and well-being. NJHMFA’s commitment to strategic investment that helps create vibrant communities is unwavering. Through its efforts, NJHMFA delivers long-term value and improves the lives of everyday New Jerseyans.


NJHMFA's Low-Income Housing Tax Credit
(LIHTC) Program
The Low-Income Housing Tax Credit (LIHTC) Program leverages federal incentives to spur public-private partnership to deliver high-quality affordable housing. Through these incentives, NJHMFA directs investments to support community revitalization and sustainable economic development by integrating new and rehabilitated housing stock with existing community infrastructure. In 2025, the $323,372,021 in LIHTC allocations spurred the $1.5 billion in development or redevelopment across 34 projects. Within these 34 projects were 3,059 new and rehabilitated units including 196 special-needs beds and 2,087 units designated for low- to moderate-income households. 

NJHMFA is resolute in its mission to deliver on housing affordability throughout New Jersey and utilizes tools, such as LIHTC, as key components of achieving
its mission.
 

2025 COMMITMENTS TO FINANCING

Grand Openings
in 2025 

LIHTC

THE LIHTC PROJECTS THAT OPENED THEIR DOORS TO
RESIDENTS IN 2025 INCLUDED:

West Orange Senior Housing

 

 

 

Residences at Choctaw

 

 

 

West Orange Senior Housing: West Orange, NJ

Financing partner: Alpert Group  

West Orange Senior Housing is a purpose-built, affordable apartment complex situated in the heart of Essex County. This cutting-edge development offers 65 age- and income-restricted apartments within West Orange's thriving central business district. The community boasts a diverse range of one- and two-bedroom residences, convenient on-site parking, modern amenities, and thoughtful age-friendly features, including five units specifically designated for permanent supportive housing for formerly homeless residents.

The amenities comprise a spacious community room, laundry facilities on every floor and a fully equipped exercise room. The complex is conveniently located adjacent to Township Hall and the West Orange Police Department, with West Orange's downtown area offering an array of local shops and services within walking distance. NJHMFA provided nearly $11.7 million in financing for this project, with approximately $8 million sourced from the Affordable Housing
Production Fund.

The Residences at Choctaw: Saddle River, NJ 

Financing partner: The Michaels Organization 

The Residences at Choctaw is a new development of 112 family apartments, with six units reserved for individuals experiencing homelessness, leveraging $1.5 million from the Affordable Housing Gap Subsidy Program and $2 million from the Affordable Housing Production Fund, alongside $16 million in LIHTC equity and approximately $12 million in permanent loan financing. The Residences at Choctaw presents a meticulously planned three-story garden community, offering an impressive range of amenities, including a clubhouse featuring a community room, state-of-the-art fitness center, basketball court, and children's play area. Spacious apartments are available in various layouts, including one-, two-, and three-bedroom configurations. This 111-unit community caters specifically to households with incomes below 60 percent of the Area Median Income (AMI), with 20 percent of units designated for households earning up to 30 percent AMI.  

Oliver Station

 

 

 

Freedom Village at Historic Roebling

 

 

 

Oliver Station: Camden, NJ

Financing partners:
Virtua Health and The Micheals Organization   

Oliver Station represents a significant milestone in South Jersey, New Jersey, as it pioneers the integration of senior housing and primary care services within Camden's Whitman Park area. This development offers 47 apartments tailored for seniors aged 55 and above and features 36 parking spaces, a community room, wellness space, and comprehensive social services facilitated by Better Tomorrows. Financial backing from NJHMFA totaled over $15.9 million, with in excess of $4.2 million sourced from the Hospital Partnership Subsidy Pilot Program, fostering collaborative initiatives between healthcare institutions and housing developers to promote community health.   

Freedom Village at Historic Roebling; Roebling, NJ

Financing partner: Project Freedom

Project Freedom at Historic Roebling provides 72 fully accessible apartments, including one-, two-, and three-bedroom units, tailored to meet the needs of individuals and families requiring supportive housing, situated across four three-story buildings equipped with elevators. The apartment breakdown includes 18 one-bedroom units averaging 855 square feet, 36 two-bedroom units averaging 1,090 square feet, and 18 three-bedroom units averaging 1,200 square feet. The development's financing structure comprises $3.5 million in mortgage financing from the Agency Revenue Bond Fund, $2.8 million from NJHMFA's Affordable Housing Production Fund, and $2.7 million from the Special Needs Housing Trust Fund. Additionally, the project received an allocation of 9 percent Low Income Housing Tax Credits in 2021. 

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HOMEOWNERSHIP 

Builds Stonger Communities

older retired couple embracing

 

 

Kyle and Kiri homeowners

 

NJHMFA approved lenders utilized the Down Payment
Assistance Program to help first time homebuyers achieve
their dream of home ownership.

father and daughter on a couch

 

 

FOSTERING A PATHWAY TO HOMEOWNERSHIP

Housing Infographic

The NJHMFA First-Time Homebuyer Program and HFA Advantage Mortgage Program continue to deliver as NJHMFA’s signature offerings. These programs offer 30-year, fixed-rate Government Insured and Government Sponsored Entity (GSE)-securitized loans that include FHA, VA, USDA and conventional options, making homeownership a reality for low- and middle-income New Jerseyans who may struggle to purchase their first home otherwise. These loans comprised 3.1% of the total housing purchase market in New Jersey and an even higher percentage of total mortgages in 2025.

The mortgages are paired with NJHMFA’s Down Payment Assistance (DPA), which helps reduce upfront costs by providing eligible homebuyers with funds toward their down payment and/or closing costs. The First-Generation Down Payment Assistance supplement is also available to provide additional funds for homebuyers achieving homeownership for the first time in their family’s history.

Supported by a robust network of nearly one hundred participating lenders spanning all areas of the State, NJHMFA is expanding affordable opportunities for homeownership that produce meaningful outcomes for New Jersey families.


Down Payment Assistance (DPA) Program

During 2025, NJHMFA provided 2,618 DPA loans to help 3,684 individuals across New Jersey achieve homeownership. Despite a low-inventory, high-cost market, the DPA program continues to grow, offering a critical resource for first-time homebuyers and ensuring that thousands of families are able to overcome the barriers to homeownership and compete for, and win, in-demand properties. Throughout 2025, NJHMFA’s Single Family division continued to grow, maintaining its investment footprint and expanding its programmatic reach. In fact, half of all down payment assistance offered by NJHMFA through its 40-plus years of history was allocated within the last five years. NJHMFA helped more first-time homebuyers in the last three years than it did from 1982-2018

As market conditions evolve, NJHMFA’s down payment assistance program is a crucial resource for New Jerseyans ready to buy their first home. NJHMFA will continue to be aggressive in pursuit of cost savings and support to help first time homebuyers thrive in our state housing market.


First-Generation Down Payment Assistance
(DPA) Program

During its second full year of operation, the First-Generation DPA Program succeeded in facilitating home purchases for many individuals who are the first in their families to own a home, or who have spent time in state foster care. In 2025, this program helped 1,670 First-Generation homebuyers from 1,216 households purchase their first home. We are proud to support them in their purchase and welcome them to homeownership.   

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ERMA

Emergency Rescue Mortgage Assistance 

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Hands in circle

A Helping Hand for Homeowners in Need.



Child look up at bubbles

 

 

In February 2022, NJHMFA introduced the Emergency Rescue Mortgage Assistance (ERMA) program, designed to offer mortgage reinstatement, property tax delinquency relief, and monthly mortgage payment assistance to homeowners experiencing COVID-related hardships.

In 2025, NJHMFA awarded $10,813,490 in ERMA funding to 300 households in, with an average award amount of $36,045. Households that received ERMA assistance made 54% of the area median income, on average. Through the end of 2025, the ERMA program has assisted 8,334 households with awards totaling $242,226,072. 

ERMA logo

NEW JERSEY HOUSING LEGISLATION & REGULATION 

NJ state flag with state seal

 

 

State Tax Credit Subsidy Program Auction

 

In July 2025, the New Jersey Legislature and Governor Murphy
enacted legislation authorizing NJHMFA to sell up to $500,000,000
in State tax credits.

Drone of Trenton New Jersey

 

 

Uniform Housing Affordability Controls
In March 2024, Governor Murphy signed Assembly Bill 4 into law, delegating authority of the Uniform Housing Affordability Controls (UHAC) to NJHMFA and mandating that the existing UHAC rules be updated. Since then, NJHMFA amended UHAC twice, through a special rulemaking procedure in December 2024, as required by law, and then via the full Administrative Procedures Act (ACA) process in December 2025.

In July 2025, NJHMFA formally proposed revised UHAC regulations. After receiving more than 270 individual comments, NJHMFA made additional revisions and promulgated the final rules, which went into effect on November 6, 2025. Collectively, these changes brought the outdated 2004 UHAC regulations into alignment with statutory requirements and the modern housing market.


State Tax Credit Subsidy Program Auction (P.L.2025, c.111)
In July 2025, the New Jersey Legislature and Governor Murphy enacted legislation authorizing NJHMFA to sell up to $500,000,000 in State tax credits over six years via competitive bidding. Up to $100,000,000 in State tax credits may be sold for at least 80% of face value annually through 2030. NJ businesses with state Corporate Business Tax and/or Insurance Premium Tax liabilities are encouraged to participate in this program. Tax credits may carry forward for up to seven years.

Proceeds from auctions will be deposited into the STCS Program Fund, enabled by the same legislation and established by the Agency’s Board on October 2, 2025. The STCS Program Fund will be divided evenly between the Affordable Housing Production Fund Set-Aside (AHPF-ST) and the Workforce Housing Fund Set-Aside (WFH-ST). AHPF-ST will be available to help municipalities fulfill fair share affordable housing obligations. All residential units must be restricted to residents with incomes 60% or less of Area Median Income (AMI) to be eligible for AHPF-ST funding. Projects funded by the WFH-ST must be a mixed-income LIHTC project with non-LIHTC rental units restricted to households with 80% to 120% of AMI.


Qualified Allocation Plan
The Qualified Allocation Plan (QAP) outlines the criteria and requirements for allocating Low-Income Housing Tax Credits. Throughout 2025, NJHMFA solicited feedback and public comment on the QAP.

In late 2025, the NJHMFA Board approved a series of amendments that protect residents of affordable housing developments living near large warehouse facilities, create a new emerging developer set-aside, introduce a new air conditioning requirement, and simplify the reporting of utility data for energy benchmarking. The amended QAP took effect in early 2026. 

Image of word legislation on torn paper

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2025 Board Members

The NJHMFA Board has played a crucial role in supporting the Agency's work.
Their dedication and swift action have allowed NJHMFA to respond effectively to emerging
needs in the housing community. NJHMFA’s 2025 board members were:

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, 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, Sole Principal, DNF Consulting Group, LLC.

NJHMFA Welcomes the

2026 Board Members

The NJHMFA Board has played a crucial role in supporting the Agency's work.
Their dedication and swift action have allowed NJHMFA to respond effectively to emerging
needs in the housing community. NJHMFA’s 2025 board members were:

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, 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, Sole Principal, DNF Consulting Group, LLC.

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CONCLUSION

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) delivered exceptional results in 2025, marked by significant investments in the lives of New Jersey residents and their communities. Through policy leadership, strategic program design, and innovative financing methods, NJHMFA successfully administered groundbreaking initiatives. These initiatives, coupled with the thriving single-family programs, have substantially increased affordable housing options families across New Jersey. As NJHMFA acknowledges the support of its partners, stakeholders, and the communities it serves, the NJHMFA team looks forward to continued housing landscape transformation in the years ahead.

New Jersey State Seal