The total amount in the first year will depend on the volume of business for Fannie Mae and Freddie Mac in 2015. The statute requires that the companies transfer 4.2 basis points of their annual volume of business to fund the #NHTF and the CMF, 65% for the NHTF. The new estimates are based on $250 million or $500 million being available for the NHTF in February 2016.
“This is a game changer. Funding from Fannie Mae and Freddie Mac will result in NJ receiving at least $6,520,000 in early spring of 2016 to develop supportive housing for extremely low-income households. We still need to work to secure full funding through United for Homes but this initial funding will fill a critical need in NJ.”
Said Richard W. Brown.
If $250 million is available, New Jersey will receive $6,520,000 and if $500 million is available, New Jersey will receive $15,720,000.