Important Announcements Regarding the 2019 9% Tax Credit Round
Posted on 04/16/2019
Please see the following from the New Jersey Housing and Mortgage Finance Agency.
—DCD

Important Announcements Regarding the 2019 9% Tax Credit Round

The deadline for Family, Senior and Supportive Housing Cycle and Mixed Income Reserve applications is September 12 at noon.

9% Timeline and FAQs:
The timeline and FAQs are now posted. Please visit the LIHTC Resources and FAQs page.

Underwriting Guidelines:
Equity Range
No equity range will be established for the 2019 9% round. Applicants should underwrite at pricing based upon a commitment from their equity investor. However, applicants should be advised that no hardship applications will be accepted for adjustments made in equity pricing between application and closing with the investor. Applications without a firm commitment from an equity investor shall be underwritten at $.90.

Applicable Percentage
  • 9.00% for the 70% present value credit
  • 3.27% for the 30% present value credit
UNIAP:
The 2019 UNIAP will be available on the NJHMFA website shortly.

NJHMFA Financing:
Important: Projects seeking construction and/or permanent financing from NJHMFA should contact the Multifamily Supportive Housing and Lending Division at (609) 278-8884 as soon as possible. Applicants seeking a conditional financing commitment at the July 11, 2019 meeting of the NJHMFA Board must submit a financing application by no later than May 30, 2019. Applicants seeking a conditional financing commitment at the August 15, 2019 meeting of the NJHMFA Board must submit a financing application by no later than July 11, 2019.

Questions?
Written questions may be sent to the LIHTC mailbox and the answers will posted in the FAQs.

Learn more about NJHMFA programs
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