New Jersey Housing and Mortgage Finance Agency

This document comprises a series of financial and eligibility worksheets for the Unified Application for Housing Production Programs, specifically pertaining to Federal Low Income Housing Tax Credits. It details calculations for eligible basis limits, breakdowns of project costs, rent qualification criteria, and tie-breaker methodologies for project assessment. The forms also include sections for operating income, net operating income projections, and contractor fee limits.

This document outlines the "Future Ready Design" requirements for tax credit projects from 2025 to 2026. It focuses on comprehensive energy efficiency options, utility benchmarking protocols, and robust siting review, risk assessment, and emergency management planning. The requirements also address environmental stressor performance standards for new construction. It specifies the necessary documentation and compliance steps required at various project stages, including application, pre-construction, and post-construction, to promote high-performance and resilient housing developments.

The meeting included the Executive Director Update. Key actions approved by the Board were the schedule of regular Agency Board meetings for 2026 and the designation of official newspapers for the agency. Furthermore, the Board elected Dorothy Blakeslee as Vice-Chairman and appointed Joel Finkelstein as an Assistant Secretary and an Assistant Treasurer. In other business, the Board determined that the denial of Timothy Nguyen's application for a New Jersey Emergency Rescue Mortgage Assistance (NJERMA) loan constitutes a "contested case" and authorized transmittal to the Office of Administrative Law (OAL) for a hearing. The Board also adopted the OAL Initial Decision on Consent to dismiss with prejudice the matter of Lower Main Street Associates, L.P. v. NJHMFA concerning a rent increase dispute for the Rahway Plaza Apartments project.

The Qualified Allocation Plan for New Jersey outlines the standards and procedures for the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to allocate and monitor federal low-income housing tax credits. The plan details the competitive process for awarding these credits, including eligibility requirements, specific application cycles (Family, Age-Friendly Senior, and Supportive Housing), scoring criteria, and tiebreaker systems, all while ensuring compliance with Section 42 of the Internal Revenue Code.

The meeting included the Executive Director's Update and several key approvals. Under Special Needs, the Board approved mortgage financing commitments from the Special Needs Housing Trust Fund Program for Elliot Place Supportive Housing (HMFA #08009) and 32 Herb Road (HMFA #07874), and a subsidy loan commitment for Lakeview Supportive Housing (HMFA #08063). In the Multifamily section, Declarations of Intent were approved for Totowa Affordable Housing (HMFA #08059) and The Sheila Y Oliver Senior Building (HMFA #08092). Mortgage financing commitments were approved for Madison Family (HMFA #07774) and The Crossings at Brick Church Station 1B (HMFA #08003). Additionally, the Board approved the adoption of amendments to the 2025-2026 Low-Income Housing Tax Credit Qualified Allocation Plan (QAP). Under Special Programs, financial assistance awards from the Affordable Housing Insurance Pilot Program (AHIP) were approved for Kent Street Senior Apartments, Horizon Heights Apartments, Clifton Main Mews Apartments, and Clifton Main Mews II Apartments. Grant agreements were approved under the Foreclosure Intervention Program (FIP) for 302 Lisa Way and 4503 Albridge Way. Finally, the Agency's Fiscal Year 2026 Budget was approved.