N.J. Admin. Code § 5:80-33.5

Current through Register Vol. 56, No. 19, October 7, 2024

Section 5:80-33.5 - Age-Friendly Senior Cycle

(a) Senior projects may apply to this cycle. Not less than 20 percent of the total credits awarded in the Family, Age-Friendly Senior, and Supportive Housing Cycles will be available in the Age-Friendly Senior 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. If multiple tranches of this cycle are awarded, all set-asides for this cycle will be applicable to each tranche. Minimum rehab projects are not eligible to apply in this cycle. Unless market area demographics demonstrate otherwise, one-bedroom units should compose at least 85 percent of the project. There is one set-aside in the Age-Friendly Senior Cycle, the preservation set-aside. The first and second reservations of credits from the Age-Friendly Senior Cycle shall be given to the highest-ranking eligible applications from preservation set-aside projects. The maximum annual allocation of credits to developments competing in this set-aside is $ 1,200,000. If, because of lack of demand, the preservation set-aside is not utilized, the credits shall be released into the Age-Friendly Senior Cycle.

(b) 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.

(c) Reservations shall first be awarded to the highest-ranking eligible projects qualifying for the preservation set-aside. Thereafter, reservations shall be awarded to the highest-ranking eligible projects under the scoring and ranking criteria at N.J.A.C. 5:80-33.16. To ensure equitable distribution if there are both excess demand and multiple ranking eligible applications from a single municipality, NJHMFA shall fund no more than two projects per year from the same municipality with a population of less than 100,000 and no more than three projects per year from the same municipality with a population of 100,000 or more based on the most recent American Community Survey Table DP05 (ACS 5-Year Demographic and Housing Estimates), U.S. Census Bureau (however, projects funded through the Supportive Housing Cycle will not be included in this count). 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. Funding of projects shall be prioritized in the following manner: the highest-ranking eligible project(s) in the Family Cycle, followed by the Age-Friendly Senior Cycle. NJHMFA will accept only one application per developer/general partner/managing member per municipality in the Age-Friendly Senior Cycle.

(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 pursuant to 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.

(e) Following the termination of the time period in which NJHMFA accepts project applications to award the $ 305,000,000 in Federal Coronavirus State Fiscal Recovery Fund dollars appropriated to the AHPF, or after December 31, 2025, whichever comes sooner, the following shall apply:

1. Approximately 40 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 35 percent;

N.J. Admin. Code § 5:80-33.5

Amended by 49 N.J.R. 435(a), effective 3/6/2017

Amended by 51 N.J.R. 833(a), effective 6/3/2019

Amended by 56 N.J.R. 343(b), effective 3/4/2024