New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 33 - LOW INCOME HOUSING TAX CREDIT QUALIFIED ALLOCATION PLAN › Section 5:80-33.5 - Age-Friendly Senior Cycle

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Senior projects may
				apply to this cycle. Not less than 20 percent of the total credits awarded in the
				Family, Age-Friendly Senior, and Supportive Housing Cycles will be available in the
				Age-Friendly Senior Cycle, and the maximum annual allocation of credits to any one
				development competing in this cycle is $ 1,600,000. Total development costs shall
				not exceed $ 317,625 per unit for buildings of one to four residential stories, $
				346,500 per unit for buildings with five or six residential stories, and $ 375,375
				per unit for buildings with over six residential stories, excluding capitalized
				permanent reserves, non-basis-eligible off-site improvements, up to $ 10,000 per
				unit and $ 400,000 maximum for an integrated community center or social service
				space, or up to $ 10,000 per unit and $ 800,000 maximum for a stand-alone community
				or social service building (subject to third-party cost certification), required
				deferred developer fee, if any, and either up to $ 15,000 per unit for adaptive
				reuse projects or up to $ 7,500 per unit for projects achieving the Passive House
				standard. For adaptive reuse projects, NJHMFA will perform a site inspection to
				assess the amenability of conversion to multifamily housing. Additionally, the
				development, design, and construction teams must demonstrate successful experience
				with the established methodologies required to produce an adaptive reuse project. If
				multiple tranches of this cycle are awarded, all set-asides for this cycle will be
				applicable to each tranche. Minimum rehab projects are not eligible to apply in this
				cycle. Unless market area demographics demonstrate otherwise, one-bedroom units
				should compose at least 85 percent of the project. There is one set-aside in the
				Age-Friendly Senior Cycle, the preservation set-aside. The first and second
				reservations of credits from the Age-Friendly Senior Cycle shall be given to the
				highest-ranking eligible applications from preservation set-aside projects. The
				maximum annual allocation of credits to developments competing in this set-aside is
				$ 1,200,000. If, because of lack of demand, the preservation set-aside is not
				utilized, the credits shall be released into the Age-Friendly Senior
				Cycle.
(b) Projects that receive
				negative points pursuant to
				N.J.A.C.
				5:80-33.15(a)15, 17, 18, 19, or
				20 shall not be eligible to compete in any set-aside.
(c) Reservations shall first be awarded to the
				highest-ranking eligible projects qualifying for the preservation set-aside.
				Thereafter, reservations shall be awarded to the highest-ranking eligible projects
				under the scoring and ranking criteria at
				N.J.A.C.
				5:80-33.16. To ensure equitable distribution if
				there are both excess demand and multiple ranking eligible applications from a
				single municipality, NJHMFA shall fund no more than two projects per year from the
				same municipality with a population of less than 100,000 and no more than three
				projects per year from the same municipality with a population of 100,000 or more
				based on the most recent American Community Survey Table DP05 (ACS 5-Year
				Demographic and Housing Estimates), U.S. Census Bureau (however, projects funded
				through the Supportive Housing Cycle will not be included in this count). To ensure
				equitable distribution if there are both excess demand and multiple ranking eligible
				applications from a single developer, NJHMFA shall fund no more than three projects
				per year from the same developer/general partner/managing member. Funding of
				projects shall be prioritized in the following manner: the highest-ranking eligible
				project(s) in the Family Cycle, followed by the Age-Friendly Senior Cycle. NJHMFA
				will accept only one application per developer/general partner/managing member per
				municipality in the Age-Friendly Senior Cycle.
(d) For the duration of the time period in which
				NJHMFA is accepting project applications to award the $ 305,000,000 in Federal
				"Coronavirus State Fiscal Recovery Fund" dollars appropriated to the Affordable
				Housing Production Fund (AHPF) pursuant to
				P.L.
				2022, c. 49, or until
				December 31, 2025, whichever comes sooner, the following shall apply:
1. Approximately 60 percent of the credits
				(inclusive of all set-asides and all credits awarded under the Mixed-Income Reserve
				established pursuant to
				N.J.A.C.
				5:80-33.8(a)3) shall be made
				available to projects in TUMs, seeking to maintain a lower constraint of not less
				than 50 percent.
2. The remaining
				credits shall be allocated to projects in the remainder of the State (non-TUM
				areas), provided NJHMFA receives a sufficient number of eligible applications from
				non-TUM areas to result in these approximate allocation percentages.
3. As the dollar amounts of certain awards may
				skew percentages, thus making it difficult or impossible to maintain strict
				allocation percentages, NJHMFA reserves the right in its sole discretion to allocate
				awards among projects in TUMs and non-TUM areas to best attain the objective set
				forth in this subsection.