Affordable Housing Trust Fund 2025

This program provides financial assistance to municipalities and developers to create and maintain affordable housing for low and moderate-income residents, ensuring these units remain affordable for at least 20 years.

$6,000,000

Closed

Grant Description

The Affordable Housing Trust Fund Program (AHTF) aims to provide municipalities, for-profit and non-profit developers with financial assistance to advance the development of low and moderate income affordable housing across the State. The program is designed to maintain those units as affordable for a minimum of 20 years. It is limited to projects of 25 units or less, and funds have also been set aside for innovative projects and initiatives related to the development of affordable housing. This is a loan program.

Funding Details

Award Range

$50,000 - $6,000,000

Total Program Funding

$60,000,000

Number of Awards

Not specified

Matching Requirement

Additional Details

Funds are provided on a reimbursement basis as a soft second amortizing loan at 1% with a term equal to the affordability control period. Annual repayment is 50% of net cash flow, if available. Unpaid accrued interest will be added to the outstanding principal. All outstanding principal and any accrued interest will be due at the end of the term.

Eligibility

Eligible Applicants

For profit organizations other than small businesses

Nonprofits

Additional Requirements

Households that are low and moderate income as defined by the Council on Affordable Housing

Geographic Eligibility

All

Key Dates

Application Opens

July 1, 2024

Application Closes

June 30, 2025

Contact Information

Grantor

Jennifer Underwood

Jennifer.Underwood@dca.nj.gov

Phone

(609) 292-5855

Subscribe to view contact details

Newsletter Required