IMPORTANT ANNOUNCEMENT REGARDING VOLUME CAP - MAY 26, 2016
Due in large part to the success of HMFA's Conduit Bond Financing Program and the leveraging of Superstorm Sandy CDBG-DR funds, demand for volume cap in conjunction with HMFA's Multifamily Tax Exempt Bond Financing Programs has reached unprecedented levels.
The priorities for currently available 2016 cap are as follows:
On May 26, 2016, the HMFA Board approved proposed Volume Cap Selection Criteria* (71k PDF) in order to provide an objective methodology of awarding volume cap as it becomes available for projects beyond the aforementioned priorities. The approval of the Volume Cap Selection Criteria is subject to the Governor's 10-day veto period.
Application Process and Timeline
Shortly after a NOFA closes, eligible projects shall be ranked based on the Selection Criteria (71k PDF). Once HMFA is notified by Treasury of the amount of volume cap available for the NOFA, Project Sponsors shall then be notified if they have received a reservation of volume cap. Awarded Sponsors shall have one year from notification of a volume cap reservation to obtain a mortgage commitment for tax exempt financing from the HMFA Board.
Any project that is unable to meet the above deadlines would lose their reservation of volume cap but would be eligible to submit a request under the next NOFA.
No less than 50% of the available volume cap under each NOFA shall be made available to rehabilitation projects, and no less than 50% shall be made available to family projects provided NJHMFA receives a sufficient number of eligible applications to result in these allocation percentages.
Defined terms in the Selection Criteria (71k PDF) shall be interpreted consistent with the NJ Qualified Allocation Plan at N.J.A.C. 5:80-33 et seq.
The Selection Criteria (71k PDF) deals solely with the prioritization of projects for a volume cap reservation. Projects selected under a NOFA must adhere to all other HMFA requirements to receive a commitment for HMFA Multifamily financing.
* Subject to the Governor's 10-day veto period
** Projects seeking a Declaration of Intent at the July meeting of the HMFA Board shall submit hard copies of all items listed on Part I of the appropriate Document Checklist (see below) no later than noon on June 30, 2016.
UNIAP is the Unified Application for HMFA Multifamily Rental Housing Production Programs. It is the one place to go to apply for:
- Multifamily Financing Programs - (Three  complete sets required at submission)
- Low Income Housing Tax Credits - (Two  complete sets required at submission)
- Multifamily Preservation Lending Program
- Supported Housing and Special Needs Programs - (Two  complete sets required at submission)
Projects often require funding from more than one of the programs listed above. The UNIAP consolidates the application process across programs, in order to reduce the number of forms you need to fill out.
Before Applying: Review the program information available on this website and the program guidelines within the UNIAP. Please contact the appropriate program staff, particularly if you are seeking Special Needs financing, for pre-application guidance and instructions.
9% Application Deadlines
- Family, Senior and Supportive Housing Cycles: Noon on July 24th, 2015
- Mixed Income Reserve: Rolling from June 29th until 12:00 Noon on August 20th, 2015
Any current Tax Credit owners planning to submit applications for the 2015 9% tax credit round are advised to contact their Compliance Analyst to verify there are no uncorrected noncompliance issues with current properties. Please view our Compliance Analyst list (61k PDF) for contact information.
The underwriting guidelines shall be as follows:
Equity Range: $.93 - $1.00
Applicable Percentage: 7.5% for the 70% present value credit
3.2% for the 30% present value credit
The 2015 UNIAP is now available. See below for Application, Guides and Worksheets. (You will need Microsoft Word and Excel installed on your computer to open the .doc and .xls files, respectively.)
- UNIAP Part I (343k DOC)
- UNIAP Part I Guidelines (156k PDF)
- Low Income Housing Tax Credits (LIHTC) Application (396k DOC)
- LIHTC Application Appendix (3.25MB PDF)
- Energy Benchmarking Manual (634k PDF)
- Form 10 - Construction/Permanent Financing LIHTC (728k XLS)
- Form 10 - Permanent Financing Only LIHTC (772k XLS)
- UNIAP Part II - Eligibility (85k XLS)
- UNIAP Part III - Points (2MB XLS)
- UNIAP Part IV - Project Costs (364k XLS)
- Multifamily Appendix (5.9MB PDF)
Please contact the Tax Credit Division at 609-278-7629 with questions.