The New Jersey Housing and Mortgage Finance Agency (NJHMFA)announced a new Affordable Housing Production Fund (AHPF) Program, which was approved at the Sept. 22, 2022 HMFA board meeting. The New Jersey fiscal year 2023 budget appropriates $305 millions from the State’s American Rescue Plan Act funds.

New Jersey Housing and Mortgage Finance Agency will administer the funds to provide subsidy financing for eligible projects in need of gap financing to support four percent LIHTC development. The AHPF Program is expected to increase the number of affordable housing units to be financed by 2025 by more than 3,300 units.

Applications will be accepted on a rolling basis starting Nov. 1, 2022. The financing application submission must contain the required documentation as listed in the UNIAP to be deemed a complete financing application. A non-refundable application fee of $1,000 must be submitted with the financing application package.