The New Jersey Housing and Mortgage Finance Agency’s (NJHMFA) Special Needs Housing Subsidy Loan Program (SNHSLP) is the first major new funding source in seven years for special needs housing. The program helps meet a critical need for supportive housing to enable residents to fully integrate into communities.
Under the new program, NJHMFA will provide financing, in the form of loans, to eligible not-for-profit and for-profit developers, as well as government entities at the state, county and local level for new construction or the rehabilitation of housing.
The populations to be served under the SNHSLP include:
- disabled and homeless veterans;
- homeless individuals and families;
- individuals with mental illness, and physical and developmental disabilities;
- victims of domestic violence and youth aging out of foster care;
- individuals in treatment for substance abuse;
- formerly-incarcerated individuals; and
- other vulnerable and emerging special needs groups in the state.
For special needs-only developments, the maximum loan amount may not exceed $500,000. For multifamily projects, the maximum loan amount may not exceed $125,000 per apartment, with a maximum of five units per project. Developers/sponsors proposing a project must identify the target population and a service provider agency for the project. Guidelines are available for developers interested in applying for the funding.
