State Tax Credit Auction

The contract pertains to the New Jersey Housing and Mortgage Finance Agency's (NJHMFA) State Tax Credit Auction, authorized under P.L.2025, c.111. The agency plans to sell up to $500 million in tax credits over a maximum period of six years, beginning in 2025, with an annual cap of $100 million. The tax credits will be sold through competitive auctions, with minimum bid amounts set at no less than 80% of the face value. Funds generated from these sales, after deducting administrative costs, will be directed into the State Tax Credit Subsidy (STCS) Program Fund to support related initiatives. The auction process emphasizes transparency, requiring bidders to submit complete, accurate bids via an online portal by November 26, 2025, with detailed instructions and support available through designated contacts and FAQs. Bidders must adhere strictly to submission guidelines, including providing all necessary documentation such as bid forms, tax certificates, and disclosures, and must meet eligibility criteria such as tax clearance and business registration. The process involves a review and ranking based on bid price, bid amount, and submission timing, with disqualifications possible for non-compliance or inaccuracies. Additionally, bidders are required to certify that they are not engaged in prohibited activities in Iran, Russia, or Belarus, as part of compliance with state laws. The bid form and related documents lay out the procedural requirements, including deposits and fees, to participate in this multi-year auction, which aims to allocate tax credits efficiently while maintaining strict regulatory and transparency standards.