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:
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.
To be eligible for financing under NJPLAN, projects by nonprofit developers must have:
Questions? Contact Housing@TRFund.com or call us at 215-574-5800.