The New Jersey Housing and

Mortgage Finance Agency

New Jersey

Opportunity Zone

Summit

Katie Brennan, Chief of Staff

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About NJHMFA

Independent state agency in but not of the New Jersey Department of Community Affairs

Mission is to finance affordable and workforce housing•Secures funding through the sale of taxable and

tax-exempt bonds

Administers the federal Low Income Housing Tax Credit

program

•Single largest source of equity for affordable rental projects

Unique Agency in New Jersey – Direct Lender

•Balance sheet of nearly $4 Billion

No reliance on the state for budget and operating funds

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NJHMFA Mission & Expertise

• Provides funding for homeownership and rental housing opportunities for NJ

residents

• Finances construction & rehabilitation of rental housing

• Encourages mixed-income & mixed-use

development

• Develops partnerships to foster economic

development

Woodrow Wilson, Long Branch,Pennrose3

NJHMFA Statewide

Investment: 5-Year Snapshot

2013 – Present

25,000

1,250

450

Multifamily Rental Units – nearly all affordable

Special Needs Beds

Single Family Homeownership Units

5,300 Single Family Mortgages

33,000 Housing Opportunities

Funded through NJHMFA

Alexander Hamilton, Phase III, Paterson,Pennrose

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Source: National Coalition of State Housing Agencies

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Leveraging LIHTC

-Low Income Housing Tax Credit

-Existing IRS program for investment of private capital in affordable

housing construction

-LIHTC Partnership can self certify as a QOF and reap long term tax

benefits

- HUD Pilot to further expedite LIHTC new construction, rehab, and preservation

-HMFA Incentive in our QAP to drive development toward OZs

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7Source: Citi Community Capital www.housingonline.com

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Mixed-Income/Mixed-Use Example

BEFORE:

Underutilized former iconic department store building

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Hahne’s BuildingNewark

L + M Development

AFTER:

160 mixed-income units

in downtown with retail

and office

Hospital Housing Pilot

Develop Multifamily Housing

with Housing First Pilot set-

aside located near hospitals

• Partnership between NJHMFA and participating hospitals

• Funding contribution from NJHMFA

and hospitals to develop housing

• The development could include a set-

aside of units for frequent users of

hospital emergency room services –

Housing First Pilot

Valley Brook Village I, Bernards Twp., WinnDevelopment

Willows at Symphony Hall, Newark,Ingerman

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Medical Facilities

Affordable

Homeless Set-Aside

Hospital Housing Example

St. Barnabas Hospital Bronx

Example: Linc at Orange Station

Before:

Developer:

After:

Underutilized parking lot and intersection RPM Development

137 units, rental and homeownership. LEED Platinum, Award Winning Project.

Rental Portion:

For-Sale Portion:

113 mixed-income rental units

24 for-sale condos.

BEFOREIMAGES

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Linc at Orange Station

AFTER IMAGES

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Linc at Orange Station

AFTER IMAGES

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Moving Forward

How will we meet the needs of

the future?

Katie Brennan, Chief of Staff

New Jersey Housing and

Mortgage Finance Agency

www.njhousing.gov

(609) 278-7400

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