The New Jersey Housing and Mortgage Finance Agency (NJHMFA) issued Developer Bulletin 2019-7 concerning Additional Guidance on the Agency’s Inclusionary Policy. The Agency has established a multi-step process whereby all proposed projects applying for LIHTC involving the development of new affordable units must undergo an Inclusionary Review and, if applicable, a feasibility analysis will be required, before tax credits are awarded.
All four percent and nine percent LIHTC applications involving the development of new affordable units, including 100 percent affordable, mixed-income and mixed-use development, must undergo an Inclusionary Review. Applicants are strongly encouraged to complete this step in advance of submitting an application for either Agency financing and/or LIHTC. In the event this step is not completed prior to submission, the Inclusionary Review must be completed as part of the application review.
