Affordable Housing Production Fund (AHPF) and Set Aside (AHPFSA)

The New Jersey fiscal year 2023 budget (P.L. 2022, c.49) appropriates $305,000,000 from the State’s "Coronavirus State Fiscal Recovery Fund" allocation, established pursuant to the federal "American Rescue Plan Act of 2021," Pub. L. 117-2, to the Affordable Housing Production Fund (AHPF). Through a Memorandum of Understanding with the Department of Community Affairs, Division of Disaster Recovery and Mitigation, New Jersey Housing and Mortgage Finance Agency (HMFA) will utilize the AHPF funds to provide subsidy financing for projects that are 100-percent affordable and are included in an approved Mount Laurel Fair Share Settlement Agreement. The AHPF is expected to increase the number of affordable housing units to be financed by December 31, 2025 by more than 3,300 units. HMFA will set aside up to $60,000,000 (the “Affordable Housing Production Fund Set Aside” or “AHPFSA”) of these funds to provide assistance to rental housing projects that received an award of 70 percent present value credits (“9 percent credits”), pursuant to Section 42(b)(1)(B)(i) of the Internal Revenue Code (“IRC”).