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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
jpeasco@njhmfa.gov
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 Alert
On March 17, Partner Craig M. Gianetti moderated the panel, "Land Use Update 2021," for the NJICLE.
Day Pitney Alert
Day Pitney Press Release
Day Pitney Press Release
West Palm Beach partner Tasha Dickinson was featured in a profile in the Boca Raton Observer.
Sandra Ferrera's move to Day Pitney was featured in the article, "Day Pitney Adds Real Estate Partner to Florida Practice in Law360.
Craig Gianetti was quoted in the RE-NJ article, "REIT eyes plan to reposition South Jersey mall with 1,100 apartments, hotel."
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.