Real Estate Journal — Healthcare & Medical Properties— November 23 - December 13, 2018 — 23A


M id A tlantic

H ealthcare & M edical P roperties Developments to include units targeting frequent users of hospital services NJHMFA seeking hospitals interested in $12 million supportive housing partnership


struction plan. • A description of the hos- pital’s potential funding con- tribution. NJHMFA is urging hospitals to consider developing mixed- use/mixed-income projects. “A stable living environ- ment is critical to maintaining good health,” said NJHMFA executive director Charles Richman . “Hospitals serve as anchors in a community, and this innovative partner- ship not only addresses the need for housing that is af- fordable but also helps some of our residents who are most

in need maintain better health through permanent housing.” NJHMFA a n t i c i p a t e s awarding three or four projects throughout the state. Typical projects would include 60-70 housing units and may include commercial space for doctor offices, clinics or other com- munity uses. Ten units will be set aside for very low-income individuals/families, with the remaining units priced to be affordable to families earning less than 80% of area median income. NJHMFA will provide sub- sidy funding of up to $4 million

gency services by individuals also can lead to high costs incurred by hospitals. Invest- ing in the community through this program may help hos- pitals save significantly in avoided emergency room and in-patient costs after patients receive permanent supportive housing. The initiative, announced earlier this summer, has been endorsed by the New Jersey Hospital Association Board of Trustees, as part of the asso- ciation’s mission of improving the health of NJ residents and communities. 

per project. The project financ- ing will include the federal 4 percent Low Income Housing Tax Credit program, which is administered by NJHMFA. “Affordable housing can also serve as a platform for provid- ing supportive services to im- prove the health of vulnerable populations, including the el- derly, people with disabilities, and homeless individuals and families,” according to a report by the Center for Housing Policy, "The Impacts of Af- fordable Housing on Health: A Research Summary." The frequent use of emer-

RENTON, NJ — The New Jersey Hous- ing and Mortgage

F i n a n c e A g e n c y (NJHMFA) has invited h o s p i t a l s statewide to participate in a $12 million i n n o v a t i v e partnership

Charles Richman

program promoting investment in affordable and supportive housing in their communities. “This unique public-private partnership not only offers a model to expand affordable housing opportunities, but provides permanent supportive housing for individuals expe- riencing homelessness, which will reduce costs to our public institutions,” said Lieutenant Governor Sheila Y. Oliver, Com- missioner of the Department of Community Affairs and Chair of the NJHMFA Board. "Through their vital role in the communi- ty, hospitals have a leadership opportunity to expand their investment in their neighbor- hoods to continue to improve the lives of our residents." Under the Hospital Partnership Subsidy Pilot Program, NJHMFA will match funding contributions from participating hospitals to provide much-needed housing for low- and moderate-income fami- lies. The developments also must include units set aside for special needs residents and/or frequent users of hospital emergency room services. Studies have shown that permanent supportive housing can improve the quality of life and health of frequent ER users as well as help hospitals save on emergency room costs. Hospitals interested in part- nering with a housing developer are asked to submit a letter of interest to NJHMFA by De- cember 17 in order to identify potential projects based on cri- teria such as: • A narrative description of the hospital’s vision of its par- ticipation in the development of affordable housing. • Project location, including a description of the project site and proximity to hospital facilities. • Hospital’s ownership in- terest in the land or real estate included in the project (if ap- plicable). • Information on how quickly the hospital would be able to enter into an agreement with NJHMFA to develop a con-

Be part of a new initiative to invest in your community. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) is partnering with hospitals to provide affordable housing in their communities for low- and moderate-income families, including special needs residents with an emphasis toward users of hospital ER services. Public-Private Partnerships Help Strengthen People and Communities Housing is health care. For more information, contact us by December 17 at 609-278-7439. njhousing.gov

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