Monarch Housing’s Blog!

The New Jersey Housing Mortgage Finance Agency released the 2008 Low Income Housing Tax Credit awards today for the spring round on July 1, 2008. The total tax credit allocation in this round was $15,087,652. Twelve (12) different projects were funded. A total of eight hundred thirty four (834) low income units will be developed.

Among the three supportive housing projects funded was Eva’s Village Apartments in Paterson, NJ. This fifty-one unit supportive housing development is sponsored by Eva’s Village. Monarch Housing Associates was the consultant for this project.

The other two supportive housing projects were:

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We found this report on KnowledgePlex. State housing financing agency staff convened by the National Housing Trust during the National Council of State Housing Agencies spring training in Tucson, Arizona, discussed strategies they are using to keep viable projects moving forward despite falling tax credit prices. According to NHT, housing finance agencies have adopted five basic approaches to the market volatility: lowering minimum tax credit pricing, adding subsidies to transactions, modifying already adopted qualified allocation plans, providing additional credits to particular transactions and allowing developers to hike rents where the rent increases maintain agreed upon initial affordability limits. For a summary of HFA responses discussed at the roundtable, click here.

New Jersey’s strategies include:

1. Increase in basis limit,
2. Increase in maximum per project limits,
3. More flexible hardship clause mechanism (& non-competitive applications for less than $100,000)
4. Decrease equity pricing

Also held 2 meetings within the last 3 months with a group of core syndicators in an effort to stay up to date on current market conditions.

As the First Winner of the Governor’s New Jersey Excellence in Housing Award, Monarch Housing has always viewed the an important event. These awards recognize organizations, projects and professionals “that are on the cutting edge of innovation in the field of affordable housing.” Thus we are pleased to provide this information on this year’s awards and the links to nominating forms. The deadline for nominations is July 25th! Click here for the nominating forms.

The New Jersey Housing & Mortgage Finance Agency is now accepting nominations for the 2008 Governor’s Excellence in Housing Awards. The Awards will be presented at the Governor’s Conference on Housing and Community Development to be held on September 23rd and 24th, in Atlantic City. The Award presentation is on September 24th.

The goal of the Governor’s Excellence in Housing Awards is to recognize projects and professionals that are on the cutting edge of innovation in the field of affordable housing. This year’s categories were selected to reflect current housing needs and challenges. This year’s award categories are:

Outstanding Green Development;
Best Integration of Supportive Housing and Community Revitalization;
Most Innovative Partnership;
Outstanding Preservation and Revitalization Initiative; and
Outstanding Personal Achievement.

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CSH and Monarch Housing Associates invites you to a free lobbying training refresher session in preparation for the February 26, 2008 National Low Income Housing Coalition Lobby Day and the July 30, 2008 Congressional Reception (attended by over 100 NJ advocates and consumers in 2007) both of which will be held in Washington, DC. For more information click here.

Do your part to let our Congressional representatives hear about housing issues facing NJ!

Training Date: February 14, 2008

Time: 11am to 2pm

Place: NJ Housing Mortgage Finance Agency

Trainer: Jordan Press, Director of Federal Policy, Corporation for Supportive Housing, Washington, DC

Please e-mail [Email address: NJHHA1 #AT# csh.org - replace #AT# with @ ] your registration information including name, agency and email address.

The New Jersey Homeless Housing Alliance invites you to a free lobbying training refresher session in preparation for the February 26, 2008 National Low Income Housing Coalition Lobby Day and the July 16, 2008 Congressional Reception (attended by over 100 NJ advocates and consumers in 2007) both of which will be held in Washington, DC. For more information click here.

Do your part to let our Congressional representatives hear about housing issues facing NJ!

Training Date: February 14, 2008

Time: 11am to 2pm

Place: NJ Housing Mortgage Finance Agency

Trainer: Jordan Press, Director of Federal Policy, Corporation for Supportive Housing, Washington, DC

Please e-mail [Email address: NJHHA1 #AT# csh.org - replace #AT# with @ ] your registration information including name, agency and email address.

The New Jersey Homeless Housing Alliance (NJHHH) is a partnership between the Corporation for Supportive Housing-NJ Office and Monarch Housing Associates. The NJHHH works to promote quality permanent, affordable and supportive housing for homeless individuals and families through advocacy, public education and participation in community affairs.

Lily Mae is a permanent, affordable and supportive housing development sponsored by Cape Counseling Services, Inc. Construction on the 13-unit project is moving quickly towards completion after a few unexpected delays. Construction is approximately 85% complete and it’s anticipated that renovations will be complete by early spring. Some of the work currently going on includes installation of the remaining solar tubes, drywall, gas meter and gas line installation, installation of electrical service and excavation for concrete sidewalk.

This project received funding through the New Jersey Affordable Green Program. The goal of the program is to promote energy efficiency and overall building performance through innovative sustainable design. The three areas that the project focused on were Indoor Air Quality, Energy Efficiency and Resource Efficiency. One of the many noteworthy features under Energy Efficiency is the completion of monthly Environmental and Waste Management Program Goals. This recycling program is implemented with the goal of diverting waste materials from landfills wherever possible. Currently, this project has diverted over 215 tons of recycled material from landfills and has a landfill diversion rate of 69.92%!

To read the previous posts on Lily Mae click here.

These are the latest photos of the construction.

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On February 5, 2008, the New Jersey Housing Mortgage Finance Agency and the Federal Home Loan Bank of NY will hold a training session on how both agencies can be of help in developing affordable housing. This seminar is timely as housing resources are decreasing.

Date: February 5th, 2008
Location: HMFA, 637 South Clinton Ave., Trenton, NJ 08611

Continental Breakfast Served from 8:30AM to 9:00AM
Training Seminar from 9:00AM to 12:00PM

Space is limited to 100 attendees

RSVP BY January 25th, 2008 TO Carilyn Willis [Email address: CWILLIS #AT# NJHMFA.STATE.NJ.US - replace #AT# with @ ] or call
609-278-7438.

For more details click here.