The 9 percent LIHTC timeline and FAQs from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) are now available here.
Underwriting Guidelines on Equity Range:
No equity range will be established for the 2019 9 percent round. Applicants should underwrite at pricing based upon a commitment from their equity investor. However, applicants should be advised that no hardship applications will be accepted for adjustments made in equity pricing between application and closing with the 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
- 3.27% for the 30% present value credit
NJHMFA Financing:
Projects seeking construction and/or permanent financing from NJHMFA should contact the Multifamily Supportive Housing and Lending Division at (609) 278-8884 as soon as possible. Applicants seeking a conditional financing commitment at the July 11, 2019 meeting of the NJHMFA Board must submit a financing application by no later than May 30, 2019. Applicants seeking a conditional financing commitment at the August 15, 2019 meeting of the NJHMFA Board must submit a financing application by no later than July 11, 2019.
Written questions may be sent to the LIHTC mailbox and the answers will be posted in the FAQs.
