State Tax Credit Auction

Pursuant to P.L.2025, c.111, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) will sell up to $500,000,000 in tax credits over the course of no more than six years through competitive auctions, beginning in 2025. No more than $100,000,000 in tax credits will be sold annually, and tax credits will be sold for no less than 80 percent of the tax credit amount. The funds from the auction, minus administrative and operational costs, will be deposited into the State Tax Credit Subsidy (STCS) Program Fund.

The Agency will only consider a bid if the face value of the bid totals at least $250,000 and if the price per credit is not less than $0.80. [...] Within that 45-day period, bidders must complete the bid, wire transfer the bid deposit (equal to 10% of the total bid amount), wire transfer the $500 bid fee, and submit all completed bid materials through the secure online auction portal prior to the auction window closing.

NJHMFA will rank bidders as follows: the primary ranking factor bidders is the bid price per credit, sorted highest to lowest price-per-credit. The second ranking factor is the total bid amount, sorted from highest to lowest total bid amount. Finally, the third ranking factor is the submission date and time, sorted by earliest to latest submission date and time.

Once Taxation approves a bidder and transmits a tax credit certificate to the Agency, NJHMFA will notify the successful bidder and will transmit a conditional award letter and tax credit purchase agreement via email to the bidder. The bidder must sign and submit the tax credit purchase agreement and wire the full tax credit purchase payment within 10 business days of NJHMFA transmitting the conditional award letter.

**Submission method:** Submit one electronic copy of your bid package through Euna (formerly Bonfire) to NJHMFA prior to the close of the auction window. Bids submitted via email or mail will not be accepted.

Your submission must be uploaded, submitted, and finalized prior to the Closing Time of **Nov 30, 2026 5:00 PM EST**.

**Required** items:

• State Tax Credit Auction Bid Form
• Wire-transfer of the refundable 10% bid deposit
• Wire-transfer of the non-refundable bid fee of $500
• Tax Clearance Certificate
• Iran, Russia, and Belarus Disclosure

Bids that meet all eligibility and competition standards shall be ranked according to the following, in the order listed below:

1. Per credit bid amount
2. Total bid amount
3. Date of bid submission with the earliest submission receiving priority.

Written questions may be submitted to auction@njhmfa.gov.