reglab/housing_qa huggingface dataset:
NJ Rev Stat § 55:14K-77 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-77 - "Senior and Disabled Cooperative Housing Incentive Fund"

55:14K-77. "Senior and Disabled Cooperative Housing Incentive Fund"  6. a. There is hereby established in the agency the "Senior and Disabled Cooperative Housing Incentive Fund," which fund shall be continuing and nonlapsing, for the purpose of assisting the financing of eligible projects pursuant to this act. Moneys in the fund not immediately required for payment or liquid reserves may be invested and reinvested by the agency in the same manner in which other agency funds may be invested. b. There shall be paid into the fund (1) otherwise uncommitted reserves of the agency available for this purpose, in amounts to be determined by the agency to be prudent and appropriate; (2) any income earned upon investment of moneys in the fund by the agency pursuant to subsection a. of this section; and (3) any other funds that may be available to the fund through appropriation by the Legislature or otherwise. c. Moneys in the fund shall be used exclusively for (1) funding loans pursuant to section 4 of P.L.1998, c.128 (C.55:14K-75) and (2) defraying the administrative costs of the agency in carrying out the purposes and provisions of P.L.1998, c.128 (C.55:14K-72 et seq.), but not more than two per cent of the proceeds of the bonds authorized and actually expended pursuant to section 5 of P.L.1998, c.128 (C.55:14K-76) shall be used for such administrative costs. d. Interest upon loans to eligible purchasers and to qualified housing sponsors shall be established by the agency at the lowest rate compatible with the integrity of the fund and its proper administration, maintenance of adequate reserves and the ability of the agency to pay the interest upon and repay the principal of bonds under the program. L.1998,c.128,s.6.
NJ Rev Stat § 55:14K-78 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-78 - Eligibility for loan

55:14K-78. Eligibility for loan  7. A project of new construction, substantial rehabilitation, or retrofitting by a qualified housing sponsor shall be eligible for a loan under P.L.1998, c.128 (C.55:14K-72 et seq.) if: a. the housing units to be constructed or substantially rehabilitated are sufficient in number and located on the same or contiguous parcels of land or within such proximity to each other as to render the cost per unit of housing practicable for acquisition by low or moderate income purchasers; and b. each housing unit which is constructed, substantially rehabilitated, or retrofitted will conform to all requirements of the "State Uniform Construction Code Act," P.L.1975, c.217 (C.52:27D-119 et seq.). L.1998,c.128,s.7.
NJ Rev Stat § 55:14K-79 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-79 - Selection of projects; priority

55:14K-79. Selection of projects; priority  8. In selecting those eligible projects which shall receive loans from the fund, the agency shall accord priority to those projects for which: a. Private donors or local units of government will contribute land, money or other in-kind resources to make the program feasible; b. Financial or other contributions will be made from public or private sources, including tax abatements, waivers of fees relating to development or waivers of construction, development or zoning requirements, to the extent allowable by existing law, in order to reduce the cost of homes to be constructed, substantially rehabilitated, or retrofitted; c. Use of the loans will be efficient, as measured by the number of dwelling units produced in proportion to the amount of all loans, having due regard to the difference of construction costs in different housing regions and to the relative costs of different family size units; d. Construction costs per square foot compare favorably with average construction costs in the same housing region; e. The project will contribute significantly to the rehabilitation of or removal or prevention of blight in the area in which it is located, in the judgment of the agency, regardless of whether the area has been formally designated, in accordance with statutory procedures, as blighted or in need of rehabilitation; f. The design of the project encourages the development of housing units which are suitable for and attractive and accessible to senior households and households of persons with disability; and g. The qualified housing sponsor will work with residents to both seek out and coordinate health care and social work services in order to make them available to the resident population. L.1998,c.128,s.8.
NJ Rev Stat § 55:14K-80 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-80 - Project declared public work

55:14K-80 Project declared public work  9. Any eligible project that conforms to the standards and requirements of P.L.1998, c.128 (C.55:14K-72 et seq.) and the regulations promulgated pursuant thereto is hereby declared to be a public work in furtherance of the housing policy of this State, and any contribution of property, money or services in furtherance of such a program by a unit of local government shall be deemed an expense or cost incurred in furtherance of a public purpose. L.1998,c.128,s.9.
NJ Rev Stat § 55:14K-81 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-81 - Rules, regulations

55:14K-81. Rules, regulations  10. `The agency is authorized to promulgate the rules and regulations necessary to effectuate the provisions and purposes of P.L.1998, c.128 (C.55:14K-72 et seq.) in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.). In developing these regulations the agency shall examine and analyze any existing programs of similar type that have been successfully effectuated in other jurisdictions, and shall endeavor to formulate criteria and procedures, both for the design and operation of viable projects and for the selection of and obligations assigned to individual participants who shall be assisted by the program. L.1998,c.128,s.10.
NJ Rev Stat § 55:14K-82 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-82 - Short title.

55:14K-82 Short title.  1. This act shall be known and may be cited as the "Mortgage Stabilization and Relief Act." L.2008, c.127, s.1.
NJ Rev Stat § 55:14K-83 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-83 - Findings, declarations relative to residential mortgage assistance.

55:14K-83 Findings, declarations relative to residential mortgage assistance.  2. The Legislature finds and declares that: a. Many thousands of New Jersey homeowners are at risk of losing their homes as a result of mortgage foreclosures. b. Foreclosures involve the loss of a family's home, often the family's most valuable financial asset, and foreclosures especially undermine the health and economic vitality of the urban neighborhoods in which a disproportionate share of foreclosures take place. c. Foreclosures result in the loss of millions of dollars in assets, not only those of the homeowners who are the victims of foreclosure, but also adversely affect the property values of homes located in the vicinity of foreclosed properties. d. The loss of a house often results in abandonment of properties, leading to significant costs and lost revenue for local governments, as well as harm to the neighborhoods in which properties are abandoned. e. Many of these foreclosures could be avoided if homeowners had greater access to high-quality, in-person foreclosure prevention counseling, emergency financial assistance, or additional time during which to negotiate loan modifications or obtain refinancing. f. There is a compelling public policy need for the State of New Jersey to provide the means by which homeowners can obtain mortgage related counseling, emergency financial assistance, and time to adjust their finances in order to increase their ability to retain their homes, and to protect local governments and neighborhoods from the negative social, economic, and fiscal consequences of foreclosure and property abandonment. g. New Jersey must ensure that neighborhoods are not adversely affected by properties that are abandoned as a result of foreclosure and become dilapidated eyesores in the community. h. The Legislature recognizes that the difficulties encountered by homeowners who are delinquent, or are in danger of becoming delinquent, on their mortgage payment does not lend itself to a "one size fits all" solution and therefore it is necessary to establish a number of programs to assist these homeowners. L.2008, c.127, s.2.
NJ Rev Stat § 55:14K-84 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-84 - Short title.

55:14K-84 Short title.  3. Sections 3 through 7 of P.L.2008, c.127 (C.55:14K-84 et seq.) and sections 4 and 5 of P.L.2009, c.334 (C.55:14K-86.1 and C.55:14K-86.2) shall be known and may be referred to as the "Mortgage and Neighborhood Stabilization Financing Assistance Program." L.2008, c.127, s.3; amended 2009, c.334, s.1.
NJ Rev Stat § 55:14K-86 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-86 - Mortgage and Neighborhood Stabilization Assistance Program, Fund.

55:14K-86 Mortgage and Neighborhood Stabilization Assistance Program, Fund.  5. There is established in the New Jersey Housing and Mortgage Finance Agency a Mortgage and Neighborhood Stabilization Financing Assistance Program and Mortgage and Neighborhood Stabilization Financing Assistance Program Fund for the purpose of assisting homeowners and lenders willing to refinance covered mortgages in order to ensure that the homeowner has an affordable mortgage payment and assisting Community Development Financial Institutions to finance the acquisition and rehabilitation of eligible properties.  a. (Deleted by amendment, P.L.2009, c.334.) b. (Deleted by amendment, P.L.2009, c.334.) c. (Deleted by amendment, P.L.2009, c.334.) d. (Deleted by amendment, P.L.2009, c.334.) e. (Deleted by amendment, P.L.2009, c.334.) f. (Deleted by amendment, P.L.2009, c.334.) g. (Deleted by amendment, P.L.2009, c.334.) h. (Deleted by amendment, P.L.2009, c.334.) i. (Deleted by amendment, P.L.2009, c.334.) j. (Deleted by amendment, P.L.2009, c.334.) k. (Deleted by amendment, P.L.2009, c.334.) l. (Deleted by amendment, P.L.2009, c.334.) L.2008, c.127, s.5; amended 2009, c.334, s.3.
NJ Rev Stat § 55:14K-86.1 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-86.1 - Certain funds used for acquisition, rehabilitation of certain properties.

55:14K-86.1 Certain funds used for acquisition, rehabilitation of certain properties.  4. The agency shall set aside all $10,800,000 of the funds appropriated to the Mortgage and Neighborhood Stabilization Financing Assistance Program Fund to be used for the purpose of financing the acquisition and rehabilitation of eligible properties by qualified entities subject to the following requirements: a. $8,600,000 of the funds appropriated to the Mortgage and Neighborhood Stabilization Financing Assistance Program Fund shall be used to provide loans or permanent loan capital to Community Development Financial Institutions for such purposes. b. In order to be eligible to receive funds under this section, a Community Development Financial Institution shall demonstrate to the agency, in such form and manner as the agency shall prescribe: (1) that it is financially sound; (2) that it has experience financing the acquisition and rehabilitation of housing in the State of New Jersey;  (3) that it has a plan for the utilization of funds received under this section compliant with the requirements of subsection c. of this section and appropriate to further the acquisition and rehabilitation of eligible properties by qualified entities; and  (4) any other eligibility criteria as the agency may prescribe.  c. A Community Development Financial Institution receiving funds under this section, shall use these funds to provide direct loans, establish lines of credit, or provide credit enhancements for loan pools or loans by third parties as may be appropriate to further the acquisition and rehabilitation of eligible properties by qualified entities. d. A Community Development Financial Institution receiving funds under this section, shall maximize the extent to which those funds will leverage private financing. e. All loans made by Community Development Financial Institutions under this section shall be secured by a mortgage on the subject property. f. Community Development Financial Institutions receiving funds under this section shall adopt written loan criteria as the agency may prescribe for all loans made, which shall take into account the development capacity and financial soundness of the loan recipient, market conditions in the areas in which eligible properties are located, and the reuse potential of such properties. g. A Community Development Financial Institution receiving funds under this section shall provide semi-annual reports to the agency, in such form and manner as the agency shall prescribe, on activities carried out with those funds and the compliance of the institution with the requirements of this section and the regulations adopted thereunder. L.2009, c.334, s.4.
NJ Rev Stat § 55:14K-86.2 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-86.2 - Regulations.

55:14K-86.2 Regulations.  5. Notwithstanding any provision of P.L.1968, c.410 (C.52:14B-1 et seq.) to the contrary, the agency may adopt immediately upon filing with the Office of Administrative Law such regulations as the agency deems necessary to implement the provisions of this act, which shall be effective for a period not to exceed 180 days following enactment of P.L.2009, c.334 (C.55:14K-86.1 et al.) and which may thereafter be amended, adopted or readopted by the agency in accordance with the requirements of P.L.1968, c.410. L.2009, c.334, s.5.
NJ Rev Stat § 55:14K-86.3 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-86.3 - Additional uses for funds.

55:14K-86.3 Additional uses for funds.  7. In addition to the uses specified for the Mortgage and Neighborhood Stabilization Financing Program Fund created by section 5 of P.L.2008, c.127 (C.55:14K-86) the agency shall use up to $2,200,000 in that fund to make grants to qualified non-profit agencies to support counseling on behalf of owner-occupant households at risk of foreclosure. L.2009, c.334, s.7.
NJ Rev Stat § 55:14K-87 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-87 - Rules, regulations.

55:14K-87 Rules, regulations.  6. The agency is authorized to promulgate rules and regulations, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate this program. L.2008, c.127, s.6.
NJ Rev Stat § 55:14K-88 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-88 - Short title.

55:14K-88 Short title.  8. Sections 8 through 14 of P.L.2008, c.127 (C.55:14K-88 et seq.) shall be known and may be referred to as the "New Jersey Housing Assistance and Recovery Program." L.2008, c.127, s.8.
NJ Rev Stat § 55:14K-91 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-91 - Execution of lease-purchase agreement.

55:14K-91 Execution of lease-purchase agreement.  11. A sponsor who receives monies from the fund and the homeowner shall execute a lease-purchase agreement, not to exceed a term of 36 months, that includes the following:  a. The terms and conditions under which the sponsor shall convey the property to the homeowner or other member of the household upon termination of the use and occupancy period; b. Provisions permitting the homeowner and other members of the household to remain in the property during the use and occupancy period in exchange for an affordable rent; and  c. A provision that the property will be sold back to the homeowner or to another member of the household at a price not to exceed the price at which the sponsor purchased the property plus reasonable sponsor maintenance costs. L.2008, c.127, s.11.
NJ Rev Stat § 55:14K-92 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-92 - Notification relative to noncompliance of sponsor.

55:14K-92 Notification relative to noncompliance of sponsor.  12. The Department of Community Affairs shall notify the agency in the event a sponsor fails to maintain compliance with the department's certification process. L.2008, c.127, s.12.
NJ Rev Stat § 55:14K-93 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-93 - Rules, regulations.

55:14K-93 Rules, regulations.  13. The commissioner and the agency are authorized to promulgate rules and regulations, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate this program. L.2008, c.127, s.13.
NJ Rev Stat § 55:14K-94 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-94 - Short title.

55:14K-94 Short title.  1. This act shall be known and may be cited as the "New Jersey Foreclosure Prevention Act."  L.2021, c.34, s.1.
NJ Rev Stat § 55:14K-95 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-95 - Findings, declarations relative to foreclosure prevention.

55:14K-95 Findings, declarations relative to foreclosure prevention.  2. The Legislature finds and declares that:  a. New Jersey experienced heightened foreclosure rates during the Great Recession beginning in 2008 and continuing for the ensuing decade, only returning to pre-recession rates of foreclosure in 2019. b. New Jersey is currently suffering through the COVID-19 pandemic, with more than 1.6 million New Jersey residents seeking unemployment benefits due to job loss, furlough, or hour reductions. c. Homeowners in New Jersey have suffered enormous negative economic impacts due to the COVID-19 pandemic, resulting in increased housing insecurity. During each month from April 2020 through August 2020, the number of New Jersey households that deferred or did not pay their mortgages exceeded 160,000;  d. Given New Jersey's susceptibility to prolonged periods of elevated rates of foreclosure, as evidenced by the long-term impact of the Great Recession, the Legislature hereby determines and declares that there is a need to provide alternative foreclosure mitigation measures.  L.2021, c.34, s.2.
NJ Rev Stat § 55:14K-96 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-96 - Definitions relative to foreclosure prevention.

55:14K-96 Definitions relative to foreclosure prevention.  3. As used in P.L.2021, c.34 (C.55:14K-94 et al.):  "Agency" means the New Jersey Housing and Mortgage Finance Agency established pursuant to section 4 of P.L.1983, c.530 (C.55:14K-4).  "Community development corporation" means a nonprofit community development corporation established pursuant to Title 15 or 15A of the Revised Statutes of New Jersey, or other law of this State, with a focus on producing and operating affordable housing or housing with on-site social services for individuals with special needs.  "Community development financial institution" means an entity designated and certified by the United States Department of the Treasury as a Community Development Financial Institution pursuant to 12 CFR Part 1805.  "Contractor" means a qualified community development financial institution that enters into a contract or loan with the agency pursuant to section 5 of P.L.1983, c.530 (C.55:14K-5).  "Eligible property" means any residential property or mortgage note that is owned by an institutional lender as the result of a mortgage foreclosure judgment or a deed in lieu of foreclosure, is by a municipality as the result of a tax foreclosure judgment or is subject to a nonperforming loan from an institutional lender.  "Fund" means the Foreclosure Intervention Fund, established pursuant to section 4 of P.L.2021, c.34 (C.55:14K-97). "Institutional lender" or "lender" means any lawfully constituted mortgage lender, mortgage investor, or mortgage loan servicer that owns an eligible property, including, but not limited to, any agency or instrumentality of the United States or the State, including, but not limited to, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Housing Administration, the Small Business Administration, the Resolution Funding Corporation, and the Federal Deposit Insurance Corporation.  "Intercreditor agreement" means an agreement among creditors that sets forth the various lien positions and the rights and liabilities of each creditor and its impacts on the other creditors.  "Program" means the "New Jersey Residential Foreclosure Prevention Program" established pursuant to section 4 of P P.L.2021, c.34 (C.55:14K-97). "Qualified community development financial institution" means a community development financial institution that has a minimum of $50,000,000 in assets and a minimum of two years' experience in the financing and acquisition of real estate for affordable housing. L.2021, c.34, s.3.
NJ Rev Stat § 55:14K-97 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-97 - "New Jersey Residential Foreclosure Prevention Program."

55:14K-97 "New Jersey Residential Foreclosure Prevention Program."  4. a. There is established in the agency the "New Jersey Residential Foreclosure Prevention Program," which shall be subject to the powers of the agency, as designated pursuant to section 5 of P.L.1983, c.530 (C.55:14K-5). The goal of the program is to ensure that loss mitigation and foreclosure prevention measures are taken on eligible properties. Either directly, or through its contractors, the agency may purchase eligible properties and mortgage assets in furtherance of this goal, pursuant to section 5 of P.L.2021, c.34 (C.55:14K-98). b. The agency in furtherance of the program may enter into contracts with any person, corporation, or entity which the agency determines to be necessary or appropriate to carry out its responsibilities under P.L.2021, c.34 (C.55:14K-94 et al.). Such contracts shall be subject to the procedures adopted pursuant to section 5 of P.L.2021, c.34 (C.55:14K-98). All contracts entered into in furtherance of the program shall be governed by the laws of the State and shall provide for indemnification of the agency. c. In carrying out the agency's duties under P.L.2021, c.34 (C.55:14K-94 et al.), the agency may employ the consulting services of real estate and loan portfolio asset management firms, property management firms, auction marketing firms, brokerage services firms, appraisers, and such other consultants and employees required in the judgment of the agency, notwithstanding the provisions of Title 11A of the New Jersey Statutes.  d. Within 180 days following the enactment of P.L.2021, c.34 (C.55:14K-94 et al.), the agency shall adopt a funding plan for the program utilizing the "Foreclosure Intervention Fund" established pursuant to section 6 of P.L.2021, c.34 (C.55:14K-99). The agency may directly fund the program through revenue generated by the fund. The agency shall have the authority to alter its funding plan as the Executive Director of the agency deems necessary. The funding plan shall include, but not be limited to, program revenue, expected expenditures and projections for the acquisition of foreclosed residential properties or mortgage assets.  L.2021, c.34, s.4.