New Jersey opens fall state tax credit auction with $59.6 million in credits
NJHMFA's auction runs from Oct. 16 to Nov. 30 at 5 p.m. Eastern. The amount is face value of credits, not cash raised, and proceeds go to affordable and workforce housing production.
By Brandon Salem · 3 min read
The New Jersey Housing and Mortgage Finance Agency opened its fall state tax credit auction on Friday, Oct. 16, at 9:00 a.m. Eastern, offering $59,555,000 in face value of New Jersey state tax credits. Bidding closes Nov. 30 at 5:00 p.m. Eastern, according to the agency's State Tax Credit Subsidy Program auction page.
The $59.6 million figure is the face value of credits made available, not cash the state will raise. Bidders pay a price per dollar of credit, and the agency sets a minimum bid of 80 cents on the dollar, so proceeds depend on how much is sold and at what price.
How this round fits the program
NJHMFA says it will auction up to $500 million in state tax credits over the life of the program, with at most $100 million awarded in any year. The spring 2026 round, which ran from April 15 to May 15, made $100 million available and awarded $40,445,000, according to the auction page. The fall amount equals the rest of this year's $100 million cap.
NJHMFA State Tax Credit auctions, 2026
| Round | Opens | Closes | Credits available | Credits awarded |
|---|---|---|---|---|
| Fall 2026 | Oct. 16, 9:00 a.m. | Nov. 30, 5:00 p.m. | $59,555,000 | To be determined |
| Spring 2026 | Apr. 15, 9:00 a.m. | May 15, 5:00 p.m. | $100,000,000 | $40,445,000 |
The agency's notice to bidders, listed on its legal notices page, says sealed bids are received electronically through its procurement portal on Nov. 30 at 5:00 p.m. and opened in a virtual meeting. The notice labels that time EDT, although daylight saving time will have ended by then; the auction page states the close as 5:00 p.m. ET.
Rules in the background
Under the agency's auction guidelines, adopted Oct. 2, 2025 and amended June 11, 2026, each bid must be for at least $250,000 of face value. Awarded credits can be applied against the Corporate Business Tax or the Insurance Premium Tax, and unused credit can be carried forward for use in the next seven tax periods. Those rules are not new this fall. Companies considering a bid should rely on the guidelines and their own tax advisers.
Why it matters for housing
NJHMFA says proceeds from each annual auction will be invested in the production of affordable and workforce housing. The auction does not provide grants or loans directly to home buyers or renters, and it does not change mortgage terms. Its effect on housing comes later, through what the agency funds with the proceeds.
The agency links a recorded webinar, "State Tax Credit Subsidy Q&A", and a bid submission demo on YouTube from its auction page. Both are background material from the agency's channel and not new to this round.
Watch: the auction in 15 seconds
Film transcript: New Jersey Housing and Mortgage Finance Agency fall state tax credit auction: $59,555,000 in face value of credits made available; face value, not cash raised. Bidding opened Oct. 16, 2026 at 9:00 a.m. Eastern and closes Nov. 30, 2026 at 5:00 p.m. Eastern. The $100 million annual cap: $40.445 million awarded in the spring round and $59.555 million available this fall; the program totals up to $500 million over its life. Auction ground rules from NJHMFA guidelines: minimum bid $0.80 per $1 of credit, minimum $250,000 face value per bid, and up to 7 tax periods of carryforward. Music: original instrumental score made for this film.
Cover: New Jersey State House, Trenton, seen from the west. Archival photograph taken March 25, 2011 by Smallbones, via Wikimedia Commons, dedicated to the public domain under CC0 1.0. Shown for state-government context; it is not NJHMFA's office or a 2026 auction event. Commons file is a 2015 crop of the original; mortgage.news cropped it further to 16:9 and resized it.