The New Jersey Housing and Mortgage Finance Agency will propose an amendment to its Qualified Allocation Plan later this month. The amendment is being proposed to eliminate a disparity between housing projects that apply for nine-percent tax credits and those that apply for tax credits entirely from volume cap (known as four-percent tax credits) by implementing a seven-year period of ineligibility from participation in the LIHTC program for any general partner, voting member, developer, or related party who owned a managing or controlling interest in an LIHTC project when title was foreclosed thereon by entry of judgment or deed in lieu of foreclosure or that has ongoing uncorrected issues of non-compliance. A public hearing on the proposed amendment of the QAP has been scheduled to be held in the boardroom of the Agency offices at 637 South Clinton Avenue, Trenton, New Jersey on Thursday, May 21, 2015 at 2:00 p.m. Interested persons may appear and comment upon the proposed amendment; please call the Agency’s Division of Tax Credit Services at (609) 278-7629 if you wish to be included on the list of speakers. Interested persons may also submit written comments, which will be accepted by the Agency until June 19, 2015. Please submit written comments to:
Debra Urban
Senior Director of Programs
New Jersey Housing and Mortgage Finance Agency
637 South Clinton Avenue
P.O. Box 18550
Trenton, NJ 08650-2085
E-mail: durban@njhmfa.state.nj.us
The full text of the proposed new amendment is available for download as a PDF document here.
