HMFA launches $30 million resilient multifamily program; loans up to $3.5 million per project

The New Jersey Housing and Mortgage Finance Agency has launched a Resilient Multifamily Housing Program to strengthen affordable housing damaged by Tropical Storm Ida, agency staff told attendees at a state-hosted lunch-and-learn.

"This program was created in response to damage and wells tropical storm IDA back in 2021 with a total of $30 million and with $3.5 million per project," said Kyle, the HMFA presenter. He said the agency administers the assistance as zero-percent loans (not grants) and that projects must be part of the agency's existing portfolio and in good standing to be eligible.

HMFA staff said HUD determines eligible counties for the program; the presenter read a list that includes Bergen, Essex, Hudson, Middlesex, Passaic, Somerset, Union, Gloucester, Hunterdon, Mercer, Morris and Warren. Projects located in HUD-identified flood-hazard areas must use funds to address flooding-related vulnerability, and applications must include environmental review materials, a 30% design scope, a professional agreement or detailed scope of work, and a proposed budget.

Kyle emphasized regulatory constraints: awardees must follow HUD requirements including the CPD green building retrofit checklist, environmental review procedures, the Fair Housing Act, Section 3, and Davis-Bacon rules. He also said all project funds must be allocated and expended by 2028.

HMFA staff said they will post application materials and encouraged housing authorities and developers to contact local agencies or HMFA project leads for assistance.