The New Jersey Housing and Mortgage Finance Agency has asked hospitals in the state to participate in a $12 million partnership program designed to promote investment in affordable and supportive housing in their communities.
Under the Hospital Partnership Subsidy Pilot Program, NJHMFA will match funding contributions from participating hospitals to provide housing for low- and moderate-income families. According to NJHMFA, they must include units set aside for special-needs residents and/or frequent users of hospital emergency room services.
“Individuals who are at-risk for homelessness or considered chronically homeless often struggle with medical and social complexities, said Lt. Gov. Sheila Oliver in a statement. “By partnering with hospitals in New Jersey, we will together provide permanent supportive housing solutions for individuals experiencing homelessness while reducing costs to our public institutions. Housing is health care.”
NJHMFA is urging hospitals to consider developing mixed-use/mixed-income projects, and said that it anticipates awarding three or four projects throughout the state. It will provide subsidy funding of up to $4 million per project. The project financing will include the federal 4 percent Low Income Housing Tax Credit program, which is administered by NJHMFA.
Hospitals interested in partnering with a housing developer are asked to submit a letter of interest to NJHMFA by Dec. 17.