Housing

Market Oriented Neighborhood Investment Program
The Market Oriented Neighborhood Investment Program (MONI), formerly the Urban Home Ownership Recovery Program (UHORP), is a state initiative administered by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) providing construction financing for developers of urban for-sale housing. The Program was designed to encourage economic diversity by helping for-profit developers and nonprofit housing sponsors construct for-sale housing that contains a mix of market-rate, moderate-income and low-income units.

Regional Contribution Agreement Funding
The New Jersey Council on Affordable Housing (COAH) permits municipalities to satisfy up to 50 percent of their obligation to provide affordable housing, as defined by the New Jersey Supreme Court under the Mount Laurel decisions, by entering into a COAH-approved Regional Contribution Agreement (RCA) with another municipality. Under an RCA, the “sending” municipality contributes $25,000 per unit to a “receiving” municipality in its region. In return, the receiving municipality uses the contribution to rehabilitate or create low or moderate-income “Mount Laurel” housing.

Neighborhood Preservation Balanced Housing Program
The NJDCA administers the Neighborhood Preservation Balanced Housing Program, which supports both housing rehabilitation and new construction. For funding under this program, municipalities apply for themselves or on behalf of local housing authorities, nonprofit organizations or private developers. A municipality is eligible to receive funding if it has received substantive certification from the Council on Affordable Housing (COAH), entered into a judicially-approved compliance agreement to settle its fair share housing obligation, is subject to a court-ordered builder’s remedy, or is designated as a receiving municipality under a regional contribution agreement and the project has been approved by COAH.

City Living Program
The NJHMFA’s City Living Program provides construction, permanent and subsidy financing for predominantly market-rate rental housing developments in urbanized locations where the market rate rents are not yet high enough to support the development of the project and the project is part of a municipally approved revitalization plan. A City Living loan is structured as a second mortgage. Interest rates are set at zero percent during construction and one percent simple interest on the outstanding principal balance upon amortization of the first mortgage loan.

Multi-Family Rental Housing Program
The Multi-Family Rental Housing Program administered by the NJHMFA encourages the creation of affordable rental housing in New Jersey. This Program provides construction, rehabilitation, preservation and permanent low-interest mortgage loans to nonprofit and for-profit developers for the development of multiple-unit, new construction or rehabilitation of rental housing for low and moderate-income families and individuals. Program funding is obtained through the sale of tax-exempt and taxable mortgage revenue bonds.