The New Jersey Housing and Mortgage Finance Agency (NJHMFA) announced the Special Needs Housing Subsidy Loan Program (SNHSLP), which will provide special needs housing and residential opportunities as alternatives to institutionalization or homelessness for those who would benefit and to ensure the long-term viability of such housing. The SNHSLP provides capital funding in the form of loans to experienced qualified housing sponsors for the new construction or the rehabilitation of housing units.
For Special Needs only projects, the maximum loan amount many not exceed $500,000 per project. For Multifamily projects, the maximum loan amount may not exceed $125,000 per unit, with a maximum of up to five units per Multifamily project.
