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THE JOURNEY TO COMMUNITY HOUSING WITH SUPPORTS
Special Needs Housing Partnership Loan Program (SNHPLP) is collaboration between HMFA, DCA, and DHS/DDD and municipalities to provide financing to create permanent supportive housing and community residences for individuals with developmental disabilities. Loan funds may be used for the acquisition, construction and rehabilitation of existing three to four-bedroom homes. The program matches with a municipality’s commitment of funds from its Affordable Housing Trust Funds (AHTF). This allows municipalities to leverage their trust funds with the SNHPLP to create much needed affordable housing for special needs populations. One of the fundamental reasons the SNHPLP was developed was to meet the demands of the state’s Olmstead Settlement Agreement. The SNHPLP specifically targets affordable housing opportunities for individuals with developmental disabilities who are leaving state developmental centers, returning home from out-of-state placements, and who need independent housing in the community. The Special Needs Housing Trust Fund (SNHTF) WAS SIGNED INTO LAW IN .EW *ERSEY IN 0, C to provide capital financing to create permanent supportive housing and community residences for individuals with special needs. The Trust Fund provides capital financing in the form of loans, grants, and other financial vehicles and investments to eligible non-profit and for-profit developers. Project costs include the acquisition of property, rehabilitation, new construction, or conversion of building(s) into rental apartments/units as well as community residences for people with special needs. Funding for rent, operating subsidies and supportive services must be financed by other sources and is not available from the Trust Fund. The Trust Fund, established as a revolving loan program, has been fully utilized. As loans are repaid, funds will become available again for new projects. Advocates are working to urging public officials to replenish the Trust Fund for additional housing development.
Federal Low Income Housing Tax Credit Program (LIHTC Program) The Housing and Mortgage Finance Agency (HMFA) administers the federal Low Income Housing Tax Credit Program (LIHTC) on behalf of the state. The program provides a dollar-for-dollar reduction in federal tax liability and acts as a catalyst to attract private investment into the affordable housing market. Since its inception in 1986, the federal Low Income Housing Tax Credit (LIHTC) program has helped produce more than 40,000 affordable housing opportunities in New Jersey. This program has long been considered one of the most successful and efficient federal housing programs ever created to provide the private market with an incentive to invest in the creation or rehabilitation of quality affordable rental housing that enhances the character of our neighborhoods. HMFA is continuously working to adapt the program’s rules in New Jersey to reflect the state’s current housing policies and priorities through its Qualified Allocation Plan (QAP). The QAP details the selection criteria and application requirements FOR BOTH THE AND THE TAX CREDITS 2EVISIONS HAVE BEEN MADE TO THE 1!0 IN INCLUDING PRIORITIZING THE need to provide permanent supportive housing to the homeless and individuals with developmental disabilities following the Olmstead Settlement Agreement. During each tax credit round, a specific allocation is set-aside for special needs housing as well. The QAP includes special needs set ASIDE POINTS FOR OR UNITS n WHICHEVER IS GREATER AND A Supportive Housing Cycle, which is an amount of tax credit allocation reserved for special needs projects only –minimum OF OF THE PROJECTS UNITS MUST BE SPECIAL NEEDS For additional information about HMFA’s Programs, contact NJHMFA at 609.278.7400 or WWW.*HOUSINGGOV . “Just as I saved money for college for my other kids, I started when my son was young to save for his future. I bought life insurance when I was young, and it was affordable. I also set up a special needs trust in my will.“
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