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:
Senior Legal Research Analyst
New Jersey Housing and Mortgage Finance Agency
637 South Clinton Avenue
P.O. Box 18550
Trenton, NJ 08650-2085
Boston attorneys William Pezzoni, Jared Ross and Justin Hannan gave a presentation on Qualified Opportunity Zones (QOZs) before Chamber of Commerce and City Economic Development members in New Bedford, MA.
On June 6, Von Sanborn will serve as the moderator at an Opportunity Zones program presented by the National Association of Corporate Directors (NACD) Connecticut Chapter and held at the Shore & Country Club in Norwalk, CT.
Day Pitney attorneys Von Sanborn and Justin Hannan will be speaking at "Qualified Opportunity Funds – A Primer for Attorneys," a program presented by the Boston Bar Association (BBA).
William Pezzoni, Jared Ross and Justin Hannan spoke at “Commercial Masterminds,” a Northeast Regional event hosted by the Keller Williams Commercial Real Estate Division on May 2 in Westford, MA.
Day Pitney Advisory
Day Pitney's representation of Cottontail Holdings LLC and Two Franklin Realty is noted in an article, "NJ Office Complex Overvalued By $15M, State Tax Court Says," published by Law360 Tax Authority.
Peter Wolfson was mentioned in an article, "Over-Capacity Crowd for Madison Historic Preservation Commission's Hearing on Proposed Movie Theater Redevelopment," published by Tapinto.net.
Kate Coffey was mentioned in an article, "Planning Board Grants Preliminary Approval for Assisted Living Facility," published by centraljersey.com.
Day Pitney Press Release
Day Pitney represented AlphaCrest Capital Management LLC (AlphaCrest), a quantitative research and technology-driven systematic trading firm based in New York, in connection with (i) the acquisition of a minority ownership interest in AlphaCrest by Brummer & Partners, an alternative investment manager based in Sweden and (ii) an investment by Brummer's BMS Multi-Strategy fund of funds in AlphaCrest Offshore Strategies Fund Ltd., an affiliated offshore feeder fund of the investment manager.