In light of the ongoing COVID-19 crisis, the New Jersey Housing and Mortgage Finance Agency (Agency) has made the decision to delay the nine percent tax credit deadline by 60 days. The Agency is mindful of the challenges in proceeding with predevelopment work and application preparation in the current environment. At the same time, the Agency does not want to halt production of affordable housing, if possible, as the need is only growing as a result of this pandemic and its financial repercussions. At this time, the Agency anticipates no other changes to the submission requirements or underwriting guidelines; however, we will continue to monitor the construction industry and the financial markets in the event changes are needed based on any developing circumstances.
NEW Nine Percent Deadlines:
All application deadlines for the Mixed Income Reserve and the Family, Senior and Supportive Housing Cycles have been delayed by 60 days.
Family, Senior and Supportive Housing Cycles: Noon on September 23, 2020
Mixed Income Reserve: June 9, 2020 – Noon on September 23, 2020 (Rolling)
NJHMFA Financing:
Projects seeking construction and/or permanent financing from NJHMFA will now have the ability to go to the August 6 Board Meeting for conditional commitment. Financing applications must be received by Multifamily Supportive Housing and Lending Division no later than June 18, 2020.
