The New Jersey Housing and Mortgage Finance Agency (NJHMFA) board of directors recently approved a $40 million Affordable Housing Gap Subsidy Program (AHGS). AHGS funding priority shall be given to nine percent LIHTC projects that are in jeopardy of losing their credit allocation if they do not meet their placed in-service date and projects requesting the least amount of subsidy per affordable unit, among other criteria. Any remaining AHGS funds will then go to other eligible tax credit projects or other projects authorized under the legislation.
AHGS funding shall not exceed $ 1.5 million for projects with a total of up to 149 units, and the maximum loan may not exceed $2.5 million for projects with a total of 150 units or greater. For more information, view the AHGS Program Guidelines.
