Developer, Syndicator and Investor Programs
The New Jersey Housing and Mortgage Finance Agency (HMFA) plays a key role in the redevelopment of New Jersey’s urban centers and offers Developer, Syndicator and Investor Programs that are committed to the redevelopment of urban New Jersey. At Home Downtown
This program provides below-market interest rate mortgages to individuals and investors to allow them to acquire and rehabilitate or refinance and rehabilitate residential structures with a storefront component and between one and three apartments. The objective of the program is to revive the housing potential of the State’s downtown areas.CHOICE (Choices in Home Ownership Incentives Created for everyone)
CHOICE is HMFA’s construction loan and subsidy program designed to encourage the development of a mix of affordable and market rate single-family for-sale housing throughout New Jersey. The program provides construction and subsidy financing, as well as end loan financing, for the construction of non-inclusionary, deed-restricted homes. Financing, without subsidy funding, is available for the construction and eligible end loan financing of market-rate developments.Multifamily Rental Housing Program
The program provides construction loans and/or permanent mortgage loans to provide low-interest financing through the sale of tax-exempt and taxable mortgage revenue bonds for construction, rehabilitation and/or permanent financing loans for the creation of multi-family rental housing for low- and moderate-income families and individuals.Preservation Financing Program
HMFA provides funding for the preservation of affordable housing units in HMFA-financed projects, and other affordable projects, which would be lost to the market, including existing affordable units in need of substantial repair. The program provides for the acquisition, rehabilitation and repair of existing units and can be used to refinance an existing mortgage.Small Rental Housing Project Program
HMFA provides funding for small rental projects containing between 5 and 25 apartments. Projects can be all residential or a mix of commercial and residential. In addition to permanent financing, developers can receive per unit subsidy funding.City Living
This is a low-interest rate, secondary mortgage loan program used in conjunction with an HMFA first mortgage, to assist in the production of market rate housing in certain designated urban areas.Home Express
Home Express offers financing subsidies to developers of affordable rental housing in New Jersey under a streamlined application review process. Funded with Department of Community Affairs Balanced Housing monies, the program lets developers apply for Balanced Housing Subsidies at the same time they apply for both HMFA mortgage financing and Low Income Housing Tax Credits.Special Needs Housing Trust Fund
The Trust Fund provides capital financing to create permanent supportive housing and community residences for individuals with special needs, with priority given to individuals with mental illness.Other Special Needs Programs
HMFA offers a variety of programs, which provide below-market fixed interest rate loans and bridge financing to organizations developing housing for special needs populations. Populations include but are not limited to adults with developmental disabilities and youth aging out of the foster care system.Federal Low Income Housing Tax Credits
HMFA is the designated housing credit agency for New Jersey. Tax credits provide a dollar-for-dollar reduction in federal tax liability and acts as a catalyst to attract private investment into the affordable housing market.SUNLIT Program
The first of its kind in the country, the SUNLIT Program supports solar installations for multifamily affordable housing. By combining solar rebates from the Board of Public Utility (BPU), this program makes it financially and logistically viable for multifamily affordable housing projects to install solar energy systems, typically to cover the common area electricity costs.
To learn more about New Jersey’s financing programs or to get a financial package that meets your needs, call 866-534-7789. We’ll put together a customized proposal detailing every advantage New Jersey can offer your company.
