The New Jersey Housing and Mortgage Finance Agency (NJHMFA) will hold a series of wholesale state tax credit auctions to generate up to $500 million for the production of affordable and workforce housing. The program will auction up to $100 million in tax credits annually over the next five years.
New Jersey businesses can purchase these credits, which can be applied to their Corporate Business Tax or Insurance Premium Tax liability for up to seven years. The minimum bid for the credits is $0.80 on the dollar, offering businesses a direct, dollar-for-dollar reduction on their state taxes while supporting a vital cause.
Proceeds from the auctions will be used to fund the creation of both middle-income workforce housing and low- and moderate-income housing, with a focus on helping municipalities meet their fair share affordable housing obligations. The first auction is scheduled to occur this fall. Interested businesses can register for email updates to learn more about eligibility and auction timing.
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