The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs.
Therefore, the NJHMFA is proud to announce the Affordable Housing Gap Subsidy Program (AHGS), approved at the January 13, 2022 Agency board meeting. Considering the increased construction costs and project funding gaps resulting from the pandemic and supply chain disruptions, the Murphy Administration and the New Jersey Legislature have made up to $40,000,000 in AHGS funding available, to be provided in the form of loans to eligible affordable housing projects. AHGS funding priority shall be given to 9% Low Income Housing Tax Credit projects that are in jeopardy of losing their credit allocation if they do not meet their placed in-service date and projects requesting the least amount of subsidy per affordable unit, among other criteria. Any remaining AHGS funds will then go to other eligible tax credit projects or other projects authorized under the legislation.
AHGS funding shall not exceed $ 1.5 million for projects with a total of up to 149 units, and the maximum loan may not exceed $2.5 million for projects with a total of 150 units or greater. Use the button below to view the AHGS Guidelines. Subsequent bulletins with necessary information like application and documents checklists will be sent to you as soon as they are available.