NJPLAN
The New Jersey Predevelopment Loan and Acquisition for Nonprofits (NJPLAN) is a designated fund within TRF that provides low-cost, early-stage funding to nonprofit housing developers.
NJPLAN aims to:
- foster neighborhood revitalization,
- create and preserve affordable housing, and
- enable nonprofit developers to undertake projects of scale that will have a maximum impact on their communities.
The process of planning and implementing an affordable housing development can often be long and arduous. With financing from NJPLAN, nonprofit developers can begin to undertake such projects at scale. The funds may be used to help establish project feasibility, to acquire property and to support the project through construction start.
When fully capitalized, NJPLAN will be a $10 million fund. TRF is working with the New Jersey Department of Community Affairs (NJDCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and the Housing and Community Development Network of New Jersey to capitalize the fund. The NJHMFA has committed a $5 million loan purchase guarantee for the fund, which will be leveraged to raise an additional $10 million in private capital.
Eligible Customers
To be eligible for financing under NJPLAN, projects by nonprofit developers must have:
- residential or mixed-use with residential as the primary use;
- significant percentage of units created to be made available to low- and moderate-income households and/or housing located in low- and moderate-income census tracts consistent with NJHMFA market based programs; or
- a defined and realistic strategy or plan that it is part of or consistent with, such as a neighborhood plan, a plan for housing improvement in a community, or a plan to address specific housing needs on a local or regional basis.
For information on applying for NJPLAN financing, view the NJPLAN program guidelines or download an NJPLAN application.
Questions? Contact Housing@TRFund.com or call us at 215-574-5800.