Title 55, Title 55: TENEMENT HOUSES AND PUBLIC HOUSING

55:14K-19. New Jersey housing development corporation a. In order to carry out the purposes and provisions of this act, there is hereby chartered in, but not of, the agency the New Jersey Housing Development Corporation. b. The corporation shall be organized, managed and operated…

55:14K-2. Legislative findings and declarations The Legislature hereby finds that: a. Changing economic conditions and financial markets have reduced the availability in the private sector of feasible construction and permanent financing for (1) the construction of new housing, (…

55:14K-20. Bonds of agency a. The agency shall have the power and is hereby authorized from time to time to issue its bonds in such principal amounts as in the opinion of the agency shall be necessary to provide sufficient funds for achieving any of its corporate purposes, includ…

55:14K-21. Resolutions of authorization for issuance of bonds; contents Any resolution or resolutions of the agency authorizing the issuance of bonds may contain provisions, except as expressly limited in this act and except as otherwise limited by existing agreements with the ho…

55:14K-22. Default in payment of principal or interest on bonds a. If the agency defaults in the payment of principal of or interest on any issue of bonds after the same becomes due, whether at maturity or upon call for redemption, and the default continues for a period of 30 day…

55:14K-23. Pledges of income, revenues or other property Any pledge made by the agency of income, revenues or other property shall be valid and binding from the time the pledge is made. The income, revenue or other property so pledged by the agency shall immediately be subject to…

55:14K-24. Allocation of state ceiling on aggregate amount of qualified mortgage bonds under I.R.C. s. 103A(g) to agency For purposes of subsection (g) of section 103A of the federal Internal Revenue Code of 1954, as amended, the State ceiling on the aggregate amount of qualified…

55:14K-25. Reservation of funds for use in municipalities eligible for state aid for services and to offset property taxes At least 25% of the funds made available by the agency for the acquisition, operation, construction, rehabilitation, conversion, improvement or ownership of …

55:14K-26. Inclusion of interest on bonds in gross income for purposes of federal income tax The agency may consent, at or prior to the time of issuance of any issue of its bonds, to the inclusion of interest on such bonds in the gross income of holders of such bonds under the fe…

55:14K-27. No personal liability on bonds Neither the members of the agency nor any person executing bonds issued pursuant to this act shall be liable personally on such bonds by reason of the issuance thereof. L.1983, c. 530, s. 27, eff. Jan. 17, 1984.

55:14K-28. Purchase of bonds of agency by agency The agency shall have power to purchase bonds of the agency out of any funds available therefor. The agency may hold, cancel or resell such bonds subject to and in accordance with agreements with holders of its bonds. L.1983, c. 53…

55:14K-29. Housing finance funds a. The agency may create and establish one or more special funds to be known as housing finance funds and may pay into such housing finance funds any moneys appropriated and made available by the State for the purposes of such funds, any proceeds …

55:14K-3 Definitions. 3. As used in this act: a. "Agency" means the New Jersey Housing and Mortgage Finance Agency as consolidated by section 4 of P.L.1983, c.530 (C.55:14K-4), or, if that agency shall be abolished by law, the person, board, body or commission succeeding to the p…

55:14K-30. Housing development fund a. The agency shall establish and maintain a Housing Development Fund which shall consist of all moneys appropriated by the State for inclusion therein, notwithstanding any inconsistent provisions of this or of any other law, any moneys which t…

55:14K-30.1 Definitions; affordable housing insurance pilot program established, Affordable Housing Insurance Fund established; report to Governor, Legislature. 1. a. As used in this section: "Agency" means the New Jersey Housing and Mortgage Finance Agency established pursuant t…

55:14K-31. General fund of agency a. The agency shall establish and maintain a fund called the "General Fund" which shall consist of all moneys of the agency not required to be deposited in any other fund of the agency, which the agency may deposit therein. To the extent availabl…

55:14K-32. Pledge, covenant and agreement of state with bondholders The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds issued pursuant to the authority of this act that the State will not limit, restrict or alter the rights or power…

55:14K-33. Bonds as legal investment Notwithstanding any restriction contained in any other law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a bankin…

55:14K-34. Tax exemptions a. All property of the agency is hereby declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof. All bonds issu…

55:14K-35. Exemption of property from levy and sale by execution, judicial process or charge or lien of judgment All property of the agency, except as otherwise provided herein, shall be exempt from levy and sale by virtue of an execution and no execution or other judicial proces…

55:14K-36. Insurance or guarantee of payment of interest or principal of loans or bonds; obtaining from federal department or agency or other person a. The agency may obtain, or aid in obtaining, from any department or agency of the United States or any other person any insurance…

55:14K-37 Intent relative to enforcement. 37. a. It is the intent of the Legislature that in the event of any conflict or inconsistency in the provisions of this act and any other acts concerning housing sponsors or any rules and regulations adopted thereunder, to the extent of s…

55:14K-38. Violations; penalty Any person who attempts to or obtains an eligible loan hereunder or occupancy or continued occupancy of a dwelling unit financed by an eligible loan by false or misleading information or who violates this act or who by fraud attempts to obtain money…

55:14K-39. Conflicts of interest; violations; penalties a. No member, officer or employee of the agency shall have or attempt to have, for purposes of personal gain, directly or indirectly, any interest: (1) In any contract or agreement of the agency; (2) In the sale or purchase …

55:14K-4 New Jersey Housing and Mortgage Finance Agency. 4. a. The New Jersey Housing Finance Agency, created by section 4 of P.L.1967, c.81 (C.55:14J-4) and the New Jersey Mortgage Finance Agency created by section 4 of P.L.1970, c.38 (C.17:1B-7) are hereby consolidated into a s…

55:14K-40. Annual report and audit of agency On or before the last day of March in each year, the agency shall make an annual report of its activities for the preceding calendar year to the Governor and to the Legislature. Each report shall set forth a complete operating and fina…

55:14K-41. Agency financial strategy; biannual revision; annual review of housing program content a. The agency shall develop and revise every two years an agency financial strategy. This strategy shall be submitted to the presiding officer of each House of the Legislature and to…

55:14K-42. Wage rate of workmen employed by qualified housing sponsors; determination Each qualified housing sponsor granted a loan from the agency, or any builder, contractor or subcontractor engaged by the qualified housing sponsor for the construction or rehabilitation of any …

55:14K-43. Services to agency by state units or officers; payment of costs and expenses All officers, departments, boards, agencies, divisions and commissions of the State are hereby authorized and empowered to render any services to the agency as may be within the area of their …

55:14K-44. Discrimination; prohibition; violations; penalty No person shall be discriminated against because of race, religious principles, color, national origin or ancestry by the agency, any housing sponsor, any institutional lender, or any loan originator or any agent or empl…

55:14K-45. Short title 1. This act shall be known and may be cited as the "Housing Incentive Finance Act." L.1992,c.114,s.1.

55:14K-46. Findings, determinations, declarations 2. The Legislature finds, determines and declares: a. Changing economic conditions and the current state of financial markets have curtailed the amount of capital available, upon terms tolerable and practicable to developers, for …

55:14K-47. Definitions 3. As used in this act: "Agency" means the New Jersey Housing and Mortgage Finance Agency. "Bonds" means bonds, notes or any other form of evidence of indebtedness of the agency, bearing either a fixed rate or variable rate of interest, issued pursuant to t…

55:14K-48. Issuance of Housing Incentive Bonds 4. a. In addition to the bonding authority conferred by section 20 of P.L.1983, c.530 (C.55:14K-20), the agency is hereby authorized to issue bonds so that the total capital sum of the bonds does not exceed $200,000,000 of bonds outs…

55:14K-49. Housing Incentive Finance Fund established 5. a. There is hereby established in the agency the Housing Incentive Finance Fund, which shall be continuing and nonlapsing, for the purpose of funding loan guarantees authorized pursuant to this act. Moneys in the fund not i…

55:14K-5. Powers of agency In order to carry out the purposes and provisions of this act, the agency, in addition to any powers granted to it elsewhere in this act, shall have the following powers: a. To adopt bylaws for the regulation of its affairs and the conduct of its busine…

55:14K-5.1. New Jersey Housing and Mortgage Finance Agency to provide written notice of funding a. The executive director of the New Jersey Housing and Mortgage Finance Agency shall provide written notice to a county or municipality, as appropriate, when any funding is provided t…

55:14K-5.2. Additional powers of New Jersey Housing and Mortgage Finance Agency 1. In addition to the powers otherwise granted in P.L.1983, c.530 (C.55:14K-1 et seq.), the New Jersey Housing and Mortgage Finance Agency shall set aside and designate, out of the funds that are or m…

55:14K-5.3 Transfer of certain reserves to State for housing needs. 1. Notwithstanding the provisions of any law to the contrary, the New Jersey Housing and Mortgage Finance Agency established pursuant to P.L.1983, c.530 (C.55:14K-1 et seq.) shall transfer, on or before the fifth…

55:14K-5.4 Eligible loans during states of emergency; conditions. 1. a. During a state of emergency declared by the Governor pursuant to P.L.1942, c.251 (C.App.A:9-33 et seq.) and while such state of emergency is in effect, the agency may make an eligible loan to a housing sponso…

55:14K-5.5 Occupancy status, information access; shelter operator duties. 1. The New Jersey Housing and Mortgage Finance Agency shall allow operators of shelters for the homeless and selected local information and referral providers who place persons in the shelters to have acces…

55:14K-5.6 Criteria for receiving funding; compliance. 2. A shelter for the homeless, except a shelter for victims of domestic violence, which is subject to regulation by the Department of Community Affairs pursuant to N.J.A.C.5:15-1.1 et seq., shall cooperate in providing any ne…

55:14K-50. Guarantee of construction loans 6. a. The agency is hereby authorized to guarantee with moneys in the fund construction loans made to qualified housing developers of qualified housing developments, in compliance with the terms of this act and subject to the conditions …

55:14K-51. Loan guarantees 7. a. The agency is hereby authorized to contract with institutional lenders to guarantee on behalf of a housing developer the repayment of the full principal balance of that loan outstanding at the time of any default, if (1) the loan was made for cons…

55:14K-52. Insurance against defaults 8. In order to secure purchasers of the bonds issued pursuant to section 4 of this act against any default arising out of insufficiency of moneys in the fund and resulting in failure to make full and punctual payments of interest and principa…

55:14K-53. Rules, regulations 9. The agency is hereby authorized to promulgate, in accordance with the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), all rules and regulations necessary or expedient to the effectuation of the purposes and …