The New Jersey Housing and Mortgage Finance Agency will be conducting two competitive nine percent LIHTC Rounds in 2025.

The first will be a smaller Spring 2025 round and the second round will be in the Fall 2025.

 Nine Percent Spring Round Application Deadlines:

  • Family, Senior, and Supportive Housing Cycles

Friday, May 16, 2025 by noon 12:00 p.m.

  • Mixed Income Reserve

Beginning March 31 through

May 16, 2025 by noon 12:00 p.m. (rolling)

Approximately $12M in nine percent tax credits will be made available during the Spring Round

Qualified Allocation Plan (QAP):
Please note that the 2024/2025 Qualified Allocation Plan (QAP) will apply to the 2025 LIHTC rounds and can be found on the NJHMFA website.

UNIAP:
The 2025 UNIAP will be posted in the coming weeks.

LIHTC Resources:
The Spring 2025 and Fall 2025 deadlines and other important resources are now posted. Please visit the LIHTC Resources and FAQs page. Additional resources will be updated on this page as they become available.

Underwriting Guidelines Equity Range:
No equity range will be established for the 2025 nine percent round. Applicants should underwrite at pricing based upon a commitment from their equity investor. Applications without a firm commitment from an equity investor shall be underwritten at $.90 cents on the dollar.

Applicable Percentage

  • Nine percent for the 70 percent present value credit; and
  • Four percent for the 30 percent present value credit.

Average Income Set-Aside:
Please be advised that nine percent LIHTC applicants will not be permitted to underwrite assuming the “Average Income” federal minimum set-aside election in 2025 applications.

All 2025 applicants must select either the 20 percent at 50 percent or 40 percent at 60 percent minimum set aside and adhere to current underwriting parameters (units underwritten above 60 percent of AMI will be treated as market rate or unrestricted). After award, owners should notify the Agency of any substantive changes to the project, including a requested change in minimum set aside no later than time of carryover.

Inclusionary Reviews:
All four 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 Step #1 in advance of submitting an application for either Agency financing and/or LIHTC. In the event Step #1 is not completed prior to submission, the Inclusionary Review must be submitted and completed as part of the application review. However, be advised that it is the responsibility of the applicant to ensure that all applicable steps are completed. Failure to complete the necessary steps in a timely manner may result in an extended delay or an application being declared incomplete.

Applicants can submit Step #1 information to the Tax Credit Division through Leap File, via the Tax Credit mailbox: NJHMFAtaxcredits@njhmfa.gov. No hard copies of the material are required. For more information, review the Agency’s Inclusionary Policy.

Application Submission:
Submit one paper copy of the application by the filing deadline to 637 South Clinton Avenue, Trenton, NJ 08611 and an electronic copy of the application through Leap File to NJHMFAtaxcredits@njhmfa.gov by the deadline of noon on May 16. The application should be separated into four distinct files/folders and labeled accordingly (Part I, Part II, Part III and Part IV), using Leap File. Please further separate and tab each section within the pdf document for easy reference.

Application Fee:
The application fee is $5,000. Payment of the application fee is required in order for a nine percent application to be considered complete. For wire payment instructions, please contact Johanna Peña at jpena@njhmfa.gov. 

Important: The application fee is due by the application deadline, or the application will not be accepted.

*Important- NJHMFA Financing:
Applicants listing NJHMFA financing as a source of funds shall include an executed preliminary approval letter at the time of submission of the nine percent LIHTC application. The executed preliminary approval letter must reflect the same project development budget included as part of the nine percent LITHC application and the underwriting parameters must conform with current NJHMFA Multifamily Underwriting Guidelines and Financing Policy.

Applicants seeking a preliminary approval letter to include as part of their nine percent LIHTC application must submit a complete mortgage financing application package through the Multifamily and Supportive Housing Lending Portal no later than COB on April 4, 2025. The mortgage financing application submission must contain the required documentation as listed in the UNIAP to be deemed a complete financing application package. Please refer to UNIAP pages 12 – 13, for the required documentation.

MF Application Fee:
The multifamily financing application fee is $5,000. The application fee for the Special Needs Housing Trust Fund Program is $1,000 for those projects applying to the Supportive Housing Cycle and for projects setting aside additional special needs units beyond the five units needed for points. Application Fees will be automatically calculated and wiring instructions provided, during the application process through the Multifamily and Supportive Housing Lending portal. Payment of the application fee is required for an application to be processed.

Section 811:
Sponsors that wish to apply for Section 811 Project Rental Assistance (Sect. 811 PRA) must submit applications to Lavern Henry, LHenry@njhmfa.gov by April 4, 2025.