The New Jersey Housing and Mortgage Finance Agency (NJHFMA) is extending the following deadlines for properties with 2018 and 2019 nine percent LIHTCs:
Ten Percent Test: The deadline to submit evidence that ten percent requirement of §42(h)(1)(E)(ii) was met is now 12 months after the date the carryover agreement was signed.
Placed-In-Service Deadline: The deadline to place affected projects in-service has been extended by 12 months following the end of the two-year period described in §42(h)(1)(E)(i).
- Projects with 2018 Credits: Deadline is now December 31, 2021 and
- Projects with 2019 Credits: Deadline is now December 31, 2022.
This relief applies to projects with 2018 and 2019 credits only; please note that those credit years do not necessarily coincide with the year the tax credits were awarded. Additionally, these deadlines do not apply to projects with four percent tax credits. Owners may refer to their signed carryover agreements or contact the Tax Credit division to confirm the credit years for their projects. Prior to the end of the year, the NJHFMA’s Tax Credit Division will contact each affected owner individually to confirm the applicability of the relief provisions above. Please contact Anne Hamlin, director of Tax Credit Services at ahamlin@njhmfa.gov for more information or questions regarding specific projects.
