Administrative Fee Schedule
Summary of the Authority Administrative Fee Schedule (1) NJHCFFA Initial Fees

IMPORTANT: The fee structure detailed below reflects changes voted upon by the Authority Members at a regularly schedule Authority meeting on September 22, 2016. The new fee structure will be effective with new financings receiving their first fee billing after October 6, 2016.  Existing borrowings are not affected by these changes.

Initial and Per Series Fees

Bonds, Notes and Variable Rate Composite Issues

Authority borrowers must pay an initial fee of 2.5 basis points (.025%) on the original principal amount of the financing up to the first $104,400,000 in bonds or a maximum of $26,100 (the “Initial Fee Cap”.) The Initial Fee Cap will be adjusted in January of each year by the average of the prior year’s annual increase or decrease in the CPI-U of New York City and Philadelphia.

There is also a one-time $10,000 fee per series of bonds that are issued at the same time.  Multiple series of bonds that are issued under different official statements are treated as totally separate issues for billing purposes.

Both the initial fee and the first per series fee will be collected upon a borrower's signing of a Memorandum of Understanding with the Authority. Neither fee is refundable if the financing does not close.  Any per series fees beyond the first per series fee will be collected at closing.

The Equipment Revenue Note Program has no initial fee and no per series fee but will be subject to the annual fee schedule for the Equipment Revenue Note Program below.

Capital Asset Program Loans through the Capital Asset Program have a flat $500 initial fee and no per series fee and are subject to the interest rate calculated under the program, which includes program administration costs and a fee for the Authority.

The Master Leasing Program has an Initial Fee of 2.5 basis points of the aggregate leasing amount up to a maximum size of $102,500,000 (subject to adjustment annual as described above). In addition there is a $5,000 fee for each Master Lease being transacted; as well as a fee of $500 for each subsequent closing for any future sub-leases plus the annual fees noted below.

Annual Fees

Bonds, Notes, Equipment Revenue Notes, Variable Rate Composite Program and Master Leasing Program

For New Money Financings Authority borrowers will pay an annual fee of six (6.0) basis points on the declining outstanding balance as of year-end for each of the first five (5) years. After five (5) years the annual fee will be five and one half (5.5) basis points on the declining outstanding balance as of year-end until the end of the 10th year.

For Refunding Authority borrowers pay an annual fee of five and one half (5.5) basis points on the declining outstanding balance as of year-end until the end of the 10th year.

For Both Refunding and New Money Financings After the First ten (10) years Authority borrowers pay an annual fee of three (3.0) basis points on the declining outstanding balance as of year-end.

Variable Rate Composite Program

Ten basis points (.10%) on the declining outstanding balance as of year-end, up to a maximum size (currently $102,500,000) which is adjusted annually by the average of the New York and Philadelphia Consumer Price Index for the previous year.  This will be billed on the following June 30th and December 31st with a minimum annual fee of $2,500 per series.

Equipment Revenue Note Program

Seven and a half basis points (.075%) on the declining outstanding balance as of year-end to be billed on the following June 30th and December 31st billings with a minimum annual fee of $2,500. In order to be eligible for the Program the issue size must be $60 million or less.

Capital Asset Program

All annual fees are Program expenses paid through the interest rate charged on the loan.

Master Leasing Program

Ten basis points (.10%) on the declining aggregate leases as of year-end to be billed in arrears on the following June 30th and December 31st with a minimum annual fee of $2,500 for the aggregate leases outstanding.

Monitoring Fees for Low and Moderate Income Housing

In addition to the above initial and annual fees, the Authority charges a monitoring fee of $420 per low and moderate income unit for those issues that must comply with Section 142(d) of the Internal Revenue Code. (This fee is subject to inflationary adjustment)

(1) - Specifics of the Authority Fee Schedule are available by contacting the Authority offices