Home > Developers


The NJ Housing and Mortgage Finance Agency works closely with developers, providing a variety of services and programs to assist them with the production and preservation of affordable housing. For information on specific programs, review the menu items on the left.

Current Multifamily Interest Rates

All rates are as of January 18, 2019 and are subject to change without notification.

The actual rate used in financing may be higher or lower than the rates shown below. The developer is responsible for interest rate risk prior to interest rate lock at bond pricing, as the positive or negative change in the interest rate will have the effect of increasing or decreasing the mortgage amount that the project can support while remaining in compliance with the HMFA’s MF underwriting criteria.

Type of Financing  Interest Rate 
Long Term (30 year) Taxable 5.95%
Long Term (30 year) Tax-Exempt  5.10%
20 year Term Taxable   5.85% 
20 year Term Tax-Exempt  4.90% 
15 year Term Taxable   5.45% 
15 year Term Tax-Exempt  4.55% 
10 year Term Taxable 4.90%
10 year Term Tax-Exempt 4.00%
Mini-Perm Taxable 4.25%
Mini-Perm Tax-Exempt 3.05%
Construction Only Taxable 4.20%
Construction Only Tax-Exempt 3.00%

Please note that these rates are based on current market conditions and are subject to change until the time of financing.  All developers should be informed that the actual mortgage rates used in the financing may be higher or lower than the rates shown here.