new jersey opportunity zone summit€¦ · single family homeownership units 5,300 single family...
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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
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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
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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
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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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