The New Jersey Housing and Mortgage Finance Agency (NJHMFA), which provides financing as a mortgage lender for affordable housing projects in New Jersey, has recently promulgated proposed changes to the NJHMFA regulations, including but not limited to:
Elimination of the required payment of 3.25 percent of the purchase price upon any transfer of an applicable ownership interest in NJHMFA-financed housing projects to the PRA is anticipated to stimulate investment in existing affordable housing projects in the state. Although NJHMFA-financed housing projects that are experiencing financial difficulties will no longer have the PRA as a source of financial assistance, the NJHMFA could make additional loans to such projects to mitigate the elimination of the PRA. Additionally, replacement of the AFHMP with the HUD form of AFHMP may provide a minor administrative cost savings to some project sponsors.
Comments for the proposed changes to the NJHMFA regulations may be submitted until August 18, 2017, to:
Jim Peasco
Senior Legal Research Analyst
New Jersey Housing and Mortgage Finance Agency
637 South Clinton Avenue
P.O. Box 18550
Trenton, NJ 08650-2085
[email protected]
Should you have any questions concerning these proposed regulations or affordable housing issues in general, please contact Peter J. Wolfson or Kate A. Coffey.
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Law360 article "NJ Bill Paves An Aggressive Affordable-Housing Path."
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The announcement of Day Pitney's most recent step in its commitment to strategic growth in South Florida by adding Steven Wernick and Joseph Ruiz of Wernick & Co. to its Miami office was featured in CityBiz.
Day Pitney Real Estate Partner Steven J. Wernick is featured in the Law360 article, "Revisions Show Fla.'s Dedication To Affordable Housing Law."
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