NJHMFA sells $40M in tax credits to boost affordable housing development

The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has sold $40 million in state tax credits to several corporations to help finance affordable and workforce housing developments, launching what the agency says is the first program of its kind at this scale by any state. The initiative is designed to increase the supply of housing by attracting private investment to affordable and workforce housing projects across New Jersey. “Every New Jerseyan deserves the opportunity to live in a safe, affordable home in the community they love,” said Gov. Mikie Sherrill. “These tax credits help turn private investment into housing that will help families, seniors and essential workers put down roots across our state. This is exactly the type of innovative financing we need to tackle New Jersey’s housing shortage and build stronger communities for generations to come.” Following the success of the inaugural spring 2026 auction, NJHMFA announced it will offer approximately $60 million in additional state tax credits during a second auction running from Oct. 16 through Nov. 30. Proceeds from the auction will continue to support affordable and workforce housing development. New Jersey Asse...