9% Application Deadlines:
Family, Senior, and Supportive Housing Cycles
Wednesday, August 31, 2022 by 12:00 PM
Mixed Income Reserve
Starting May 31st through
August 31, 2022 by 12:00 PM (rolling)
No changes to the QAP will be made for the 2022 9% round.
The 2022 UNIAP will be posted shortly.
The 9% timeline and other important resources are now posted. Please visit the LIHTC Resources and FAQs page. Additional resources will be updated on this page as they become available.
Underwriting Guidelines Equity Range:
No equity range will be established for the 2022 9% round. Applicants should underwrite at pricing based upon a commitment from their equity investor. Applications without a firm commitment from an equity investor shall be underwritten at $.90.
· 9.00% for the 70% present value credit
· 4.00% 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 2022 applications.
All 2022 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.
All 4% and 9% LIHTC applications involving the development of new affordable units, including 100% affordable, mixed-income and mixed-use development, must undergo an Inclusionary Review. Applicants are strongly encouraged to complete Step #1 in advance of submitting an application for either Agency financing and/or LIHTC. In the event Step #1 is not completed prior to submission, the Inclusionary Review must be submitted and completed as part of the application review. However, be advised that it is the responsibility of the applicant to ensure that all applicable steps are completed. Failure to complete the necessary steps in a timely fashion may result in an extended delay or an application being declared incomplete.
Submit one hard paper copy of the application by the filing deadline to 637 South Clinton Avenue, Trenton, NJ 08611 AND an electronic copy of your application through LeapFile to NJHMFAtaxcredits@njhmfa.gov by the deadline of (noon on August 31). Please separate your application into 4 distinct files/folders and label accordingly (Part I, Part II, Part III and Part IV), LeapFile instructions can be found on the LIHTC Resources and FAQs page.
The 9% application fee is $4,000. Payment of the application fee is required in order for a 9% application to be considered complete. For wire payment instructions, please contact Johanna Peña at firstname.lastname@example.org.
Important: The application fee is due by the application deadline or the application will not be accepted.
Tax Credit Questions?
Written questions may be sent to NJHMFAtaxcredits@njhmfa.gov and the answers will posted in the FAQs. Project-specific questions, including document review and/or confirmation of eligibility for threshold requirements or points, are not permitted. Responses to FAQ questions will be posted periodically.
Important: There will be one HMFA board meeting held on August 11, 2022 for applicants seeking a conditional financing commitment. Applicants seeking a conditional financing commitment at the August 11, 2022 meeting of the HMFA board must submit a complete financing application by no later than COB on June 23,2022. The financing application submission must contain the required documentation as listed in the UNIAP to be deemed a complete financing application. Please refer to the UNIAP page 12, for the required documentation to be submitted. An incomplete financing application submission will not be processed nor advanced to the HMFA Board meeting for a conditional commitment.
The multi-family financing application fee is $4,000. The application fee for the Special Needs Housing Trust Fund Program is $1,000 for those projects applying to the Supportive Housing Cycle and for projects setting aside additional special needs units above the five units needed for points. Payment of the application fee is required for an application to be processed. For wire payments, please contact Karen Howland at 609-278-7603 or email at KHowland@njhmfa.gov.
MFPHPP and Section 811:
Sponsors that wish to apply for $75,000 per unit capital subsidy through the Money Follows the Person Housing Partnership Program (MFPHPP) and Section 811 Project Rental Assistance (Sect. 811 PRA) in their 9% applications must submit applications for MFPHPP and Section 811 by June 23, 2022 if they are seeking a conditional financing commitment at the August 11, 2022 meeting of the NJHMFA Board.
Please submit your applications for MFPHPP to the Multifamily Supportive Housing and Lending Division and Sect. 811 PRA applications to the Asset Management Division.