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 5:80-33.6 - Supportive Housing Cycle

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Supportive housing projects in which a minimum
				of 25.00 percent of the total project units are rented to individuals with special
				needs may apply to the Supportive Housing Cycle. An executed agreement between the
				proposed owner entity and the social service provider, and a social services plan
				consistent with the requirements of this subsection for the Supportive Housing Cycle
				shall be submitted in the application. There will be not less than 12.5 percent of
				the total credits awarded in the Family, Age-Friendly Senior, and Supportive Housing
				Cycles available in the Supportive Housing 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.
(b)
				Reservations shall be awarded to the highest-ranking eligible projects. 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. NJHMFA will accept
				only one application per developer/general partner/managing member per municipality
				in the Supportive Housing Cycle.
(c)
				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.
(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 at 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.