May 4, 2022
Developer Bulletin 2022-5:
Temporary Relief for Tax Credit Projects
NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  

Attention Developers:
As a result of the Presidential declaration of a major disaster for the State of New Jersey (FEMA-4488-DR, COVID-19 pandemic), NJHMFA (“Agency”) is permitted to grant temporary relief from certain requirements of §42 of the Internal Revenue Code to affected owners.

As outlined in Internal Revenue Service Notice 2022-05, the Agency is granting the following relief, excerpted from the Notice below:

In this Section IV, “original deadline” means the deadline without regard to any extension under Notice 2020-23, Notice 2020-53, or Notice 2021-12 (as clarified by Notice 2021-17).  


  • If the original deadline for an Owner of a building with a carryover allocation to meet the 10-percent test is on or after April 1, 2020, and on or before December 31, 2020, the deadline is extended to the original deadline plus two years.  

  • If the original deadline is on or after January 1, 2021, and before December 31, 2022, the deadline is extended to December 31, 2022.

The relief granted in this bulletin is subject to any superseding guidance issued by the Department of the Treasury or the Internal Revenue Service. 
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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 |