The New Jersey Housing and Mortgage Finance Agency (HMFA) is proposing amendments to the state’s QAP that would provide more incentives for the development of homeless family units, encourage development of mixed-income properties, and limit development in areas already containing a large number of LIHTC properties. The new rules would:
- Provide incentives to include units for homeless households and provide social support programs to assist them while in transition;
- Set a cap to ensure wider geographic distribution of housing available to low-income families throughout New Jersey;
- Discourage a concentration of poverty in any one area or region of the state by limiting the number of low and moderate income units in communities where there are already a high number of affordable housing units;
- Direct 40 percent of all awards to urban target areas to guarantee urban project development; and
- Proposes incentives to locate developments proximate to areas of high job growth and excellent schools.
The proposed changes are subject to a formal rulemaking and will be published in the July 2, 2012 issue of the New Jersey Register. Upon publication, members of the public will have 60 days to comment on the rules.
Click here to read the press release.
