July 16, 2021
Final Reminder: The 2021 9% Timeline, Application Submission Process, and LIHTC information

Due to the current health concerns related to COVID-19, the vast majority of NJHMFA staff will be working remotely until further notice. Please contact Agency staff via their work email address. 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.  
9% Application Deadlines:
Family, Senior, and Supportive Housing Cycles
August 31 at noon
Mixed Income Reserve
June 9 – August 31 at noon (rolling)

No changes to the QAP will be made for the 2021 9% round.  
The 2021 UNIAP is posted. 
LIHTC Resources:
The 9% timeline and other important resources are posted. Please visit the LIHTC Resources and FAQs page.
Underwriting Guidelines:
Equity Range 
No equity range will be established for the 2021 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.
Applicable Percentage
·    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 2021 applications.
All 2021 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.
Inclusionary Reviews:
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.
Applicants can submit the Step #1 information to the Tax Credit Division (as applicable) via the LIHTC mailbox: NJHMFAtaxcredits@njhmfa.gov. No hard copies of the material are required. For more information, review the Agency's Inclusionary Policy.
Application Submission:
Submit one electronic copy of your application through LeapFile to the LIHTC mailbox by the deadline (noon on August 31) – no paper applications will be accepted. 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.  
Application Fee:
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 jpena@njhmfa.gov.  
Important: The application fee is due by the application deadline or the application will not be accepted
Written questions may be sent to the LIHTC mailbox 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.

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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov