South Orange, NJ — The award of nearly $40 million in federal Low Income Housing Tax Credits (LIHTC) through the New Jersey Housing and Mortgage Finance Agency (NJHMFA) represent the single largest announcement of awards in New Jersey since the inception of the program, and will fund 2,175 units within 29 projects in 14 counties across the state.
“The steps that the NJHMFA has taken to broaden the impact of using tax credits as a development tool to create affordable housing across the state have opened the door to thousands of residents, not only improving their lives, but the greater community as well,” said the agency’s executive director Anthony Marchetta.
Additionally, $250 million in volume cap (tax exempt bonds) is being awarded to finance construction costs of 2,275 units. This mortgage financing will be leveraged with the final tranche of $60 million in Fund for Restoration of Multifamily Housing (FRM) under Superstorm Sandy Community Development Block Grant - Disaster Relief (CDBG-DR) to construct 304 units in the nine most impacted counties.
About SHA NJ
The Supportive Housing Association of New Jersey (SHA) is a statewide, nonprofit organization, founded in 1998, whose mission is to promote and maintain a strong supportive housing industry in New Jersey serving people with special needs.
We do this by:
Providing resources and services to our membership of over 90 organizations which include nonprofit and for-profit housing developers, service providers, allied statewide advocacy organizations, corporate vendors and professional organizations, all dedicated to the supportive housing industry.
Strengthening the capacity of member organizations to provide supportive housing services through information, training, and collaboration
Advocating for innovation and systems-change to provide more flexible funding and increased mainstream housing opportunities to allow people with disabilites to live as independently as possible
Educating policy makers, elected officials, people living with disabilities/families and the public on the use and benefits of the supportive housing model.