New Jersey

New Jersey’s 2019 Unified Application for HMFA Multifamily Rental Housing Production Programs (UNIAP) is now open. The UNIAP covers Multifamily Financing Programs, Low Income Housing Tax Credits and Supported Housing and Special Needs Programs. Applications for the nine percent LIHTC Family, Senior and Supportive Housing Cycles and Mixed Income Reserve are due by noon EDT on September 12.

RED Mortgage Capital announced the closing of a $60 million, 18 property portfolio in Union City, NJ through the Freddie Mac OptigoSM Small Balance Loan (SBL) program. The financing was for the acquisition of the multifamily properties, which include 481 units of affordable housing.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) recently released two proposed amendments. The first amendment would codify the Agency’s policy with respest to the financing of inclusionary developments seeking LIHTCs.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) issued Developer Bulletin 2019-7 concerning Additional Guidance on the Agency’s Inclusionary Policy.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) will host the 2019 Spring Compliance Monitoring with Fair Housing Workshop on May 16 and 17 from 8:30 am – 4:30 pm EDT. This annual event enables tax credit developers to maintain their certifications.

The 9 percent LIHTC timeline and FAQs from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) are now available here.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) adopted a new rent reset rule that allows apartment rents to be adjusted when a unit is vacated, without pre-approval of the increase from NJHMFA. The new rule allows NJHMFA property owners to raise rents on vacant units to meet current affordability standards, thereby increasing operating revenue to ensure a better quality building over the long term. NJHMFA also published two proposals for comments, which are due May 17, 2019.

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) sent an email to clarify misconceptions regarding senior properties and file submission requirements.

Effective immediately, the New Jersey Housing and Mortgage Finance Agency will institute a more structured 9% application process to preserve the competitive nature of the program. All questions pertaining to 9% applications must be submitted in written format to the following e-mail address: [email protected]. All questions and answers will be posted on NJHMFA’s website in an FAQ document and will be updated periodically.

The New Jersey Housing and Mortgage Finance Agency is hosting the Spring Compliance Monitoring with Fair Housing Workshop on May 16-17, 2019. The course will run from 8:30 am to 4:30 pm ET each day at the Hilton Garden Inn, 800 US-130, Hamilton Township, NJ 08690. Registration, which is not yet open, is $430.

A new note from Peter Lawrence with Novogradac and Co. analyses state use of the private activity bonds (PABs). In 2017, eleven states reported no multifamily PAB issuance, up from ten in 2016 and down from the high of 30 in 2011.

Proposed amendments, repeals and new rules are being proposed by the Agency to the Low Income Housing Tax Credit Qualified Allocation Plan (QAP), which is codified at N.J.A.C. 5:80-33.1 et seq. The proposal notice will be published in the November 19, 2018 New Jersey Register and is also published on the Agency’s website. A public […]