reglab/housing_qa huggingface dataset:
NJ Rev Stat § 55:14K-37 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-37 - Intent relative to enforcement.

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 such conflict or inconsistency, the provisions of this act shall be enforced and the provisions of such other acts and rules and regulations adopted thereunder shall be of no effect. b. The governing body of any municipality in which a housing project financed or to be financed by the agency is or is to be located may by ordinance or resolution, as appropriate, provide that such project shall be exempt from real property taxation, if the housing sponsor enters into an agreement with the municipality for payments to the municipality in lieu of taxes for municipal services. Any such agreement may require the housing sponsor to pay to the municipality an amount up to 20 percent of the annual gross revenue from each housing project situated on such real property for each year of operation thereof following the substantial completion thereof. For the purpose of this section, "annual gross revenue" means the total annual gross rental or carrying charge and other income of a housing sponsor from a housing project. If any such agreement is entered into from the date of recording the mortgage on the project to the date of substantial completion of the project, the annual amount payable to the municipality as taxes or as payments in lieu of taxes in respect of the project site shall not be in excess of the amount of taxes on the project site for the year preceding the recording of the mortgage. Any agreement between any housing sponsor and a municipality pursuant to this subsection shall be submitted to the agency for review in order to avoid duplicating, overlapping or inconsistent regulations or provisions. Any exemption from taxation pursuant to the provisions of this section shall not extend beyond the date on which the eligible loan made by the agency on the project is paid in full. c. Notwithstanding the provisions of subsection b. of this section to the contrary, the governing body of a municipality may agree to continue a tax exemption for a State or federally subsidized housing project, beyond the date on which the eligible loan made by the agency on the project is fully paid, so long as the project remains subject to affordability controls pursuant to: (1) project-based federal rental assistance, authorized pursuant to section 8 of the United States Housing Act of 1937 (42 U.S.C. s.1437f), or other federal or State project-based assistance;  (2) the Uniform Housing Affordability Controls promulgated by the New Jersey Housing and Mortgage Finance Agency; or (3) the rent and income limits established by the federal Low Income Housing Tax Credit program pursuant to section 42 of the Internal Revenue Code (26 U.S.C. s.42). L.1983, c.530, s.37; amended 2019, c.297, s.2.
NJ Rev Stat § 55:14K-38 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-38 - Violations; penalty

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 moneys from the agency or its approval for the payment of moneys or fraudulently attempts to or prevents the collection of any moneys due to the agency is, for each offense, guilty of a crime of the third degree. L.1983, c. 530, s. 38, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-39 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-39 - Conflicts of interest; violations; penalties

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 of any property by the agency; (3) In any eligible loan, loan to institutional lender or application therefor; (4) In any housing project constructed, improved, rehabilitated or operated, or to be constructed, improved, rehabilitated or operated under the provisions of this act; or (5) In any boarding house at which or to which a life safety improvement is or is to be constructed, acquired or rendered with moneys provided by a life safety improvement loan from the agency; but this section shall not be construed to prohibit a member, officer or employee of the agency from being the borrower on a loan purchased by the agency made to provide financing for a single family dwelling which is the primary residence of the borrower, and the agency shall adopt a policy governing the eligibility of agency members, officers and employees for such loans. b. Any member, officer or employee of the agency who violates the provisions of this section is guilty of a crime of the fourth degree. Any such person shall be barred from public employment in this State in any capacity whatsoever for a period of five years from the date he was adjudged guilty. L.1983, c. 530, s. 39, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-40 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-40 - Annual report and audit of agency

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 financial statement covering its operations during the year. The agency shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants and the cost thereof shall be considered an expense of the agency and a copy thereof shall be filed with the State Treasurer. L.1983, c. 530, s. 40, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-41 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-41 - Agency financial strategy; biannual revision; annual review of housing program content

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 the Senate County and Municipal Government Committee and the General Assembly Housing and Urban Policy Committee, or their successors. b. The strategy shall include, but need not be limited to: (1) An inventory and description of the housing stock in New Jersey based on currently available data; (2) An estimate of the housing needs; (3) An estimate of the cost of construction, improvement, repair or rehabilitation of housing to meet those needs; (4) Estimates of resources available to meet those needs; (5) A list of the agency's priorities in meeting the housing needs of the residents of the State; and (6) An estimate of the extent and nature of the agency's financial participation in housing projects for the next two years. c. The agency shall annually review the housing program content of its actions in light of the powers granted in this act and of the goals and priorities established in its financing strategy. L.1983, c. 530, s. 41, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-42 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-42 - Wage rate of workmen employed by qualified housing sponsors; determination

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 housing project, shall pay the workmen employed in the performance of any contract for such construction or rehabilitation not less than the prevailing wage rate. The prevailing wage rate shall be determined by the Commissioner of the New Jersey Department of Labor in all cases, except that the prevailing rate shall be determined by the Secretary of the United States Department of Labor in accordance with the Davis-Bacon Act as amended (40 U.S.C. 276a to 276a-5), when the loan from the agency for the construction or rehabilitation of a housing project or the tenants of the housing project is the subject of direct or indirect federal assistance other than the federal tax exemption of the interest paid on the agency obligations. The Commissioner of Labor is authorized to, and shall, determine the prevailing wage rate and shall establish the prevailing wage in the locality in which the construction or rehabilitation of any housing project is to be performed for each craft or trade or classification of all workmen employed in the performance of such construction or rehabilitation, as if such construction or rehabilitation were "public work" within the meaning of P. L. 1963, c. 150 (34:11-56.25 et seq.). For the purpose of carrying out the provisions of this section, the Commissioner of Labor and any workmen employed in the performance of any contract for the construction or rehabilitation of any housing project, shall have and may exercise or perform any right, power or duty granted or imposed upon them by P.L.1963, c. 150. L.1983, c. 530, s. 42, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-43 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-43 - Services to agency by state units or officers; payment of costs and expenses

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 respective governmental functions as fixed or established by law, and as may be requested by the agency. The cost and expense of any such services shall be met and provided for by the agency. L.1983, c. 530, s. 43, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-44 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-44 - Discrimination; prohibition; violations; penalty

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 employee thereof in connection with any housing project or eligible loan. No person shall be discriminated against because of age in admission to, or continuance of occupancy in, any housing project receiving assistance under this act except for any housing project constructed under a governmental program restricting occupancy of at least 90% of the dwelling units to persons 62 years of age or older and any members of their immediate households or their occupant surviving spouses, or constructed as a retirement subdivision or retirement community as defined in the "Retirement Community Full Disclosure Act," P.L.1968, c. 215 (C. 45:22A-1 et seq.). Any person who violates the provisions of this section is a disorderly person. L.1983, c. 530, s. 44, eff. Jan. 17, 1984.
NJ Rev Stat § 55:14K-45 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-45 - Short title

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.
NJ Rev Stat § 55:14K-46 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-46 - Findings, determinations, declarations

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 the development of land and construction of housing.  b. The factors that have led to these conditions -- such as changes in federal government supervision of institutional lenders, increased reserve requirements imposed on financial institutions, and other structural changes in financial markets -- will continue to affect the home-building industry for the foreseeable future.  c. The depressed state of this industry exerts a significant adverse impact on the national economy, particularly severe in this densely populated and highly industrialized State, by curtailing employment opportunities and depressing accustomed standards of living.  d. The distresses of the economy have fallen with exceptional severity upon the housing supply for home-seekers at all economic levels, and most particularly for those of mid-level and modest incomes.  e. Significant alleviation of the current economic situation requires cooperation between public and private institutions, which can be effectively fostered by a State program directed towards meeting short-term capital requirements.  f. The most logical State agency to administer such assistance is the New Jersey Housing and Mortgage Finance Agency (HMFA), with its many years of successful experience in actively but prudently financing a variety of housing initiatives.  g. It is, accordingly, the intention of this act to establish, under the administration of the HMFA, a program that will stimulate the housing industry in this State by making available, in adequate volume and on reasonable terms, construction loan guarantees that will enable builders to initiate development of housing of all types and for persons of all income levels in this State.  L.1992,c.114,s.2.
NJ Rev Stat § 55:14K-47 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-47 - Definitions

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 this act.  "Construction costs" means all expenditures made or incurred by a qualified housing developer, inclusive of reasonable pre-construction costs, prior to the obtaining of permanent financing on a completed housing development.  "Construction loan" means a loan made to a qualified developer for the financing of construction costs.  "Development" means development within the meaning of the "Municipal Land Use Law," P.L.1975, c.291 (C.40:55D-1 et seq.).  "Fund" means the Housing Incentive Finance Fund established pursuant to section 5 of this act.  "Housing developer" means any person, firm, corporation or association of persons that has undertaken or proposes to undertake a housing development.  "Housing development" means development undertaken for the purpose of creating one or more residential structures for owner occupancy, and whether in the form of detached units or attached units for separate occupancy, together with any structures or facilities appurtenant or ancillary thereto.  "Institutional lender" means any bank or trust company, savings bank, national banking association, savings and loan association, or building and loan association maintaining an office in this State, or any insurance company or any mortgage banking firm or mortgage banking corporation authorized to transact business in this State.  "Qualified housing developer" means a housing developer who has qualified for a loan guarantee pursuant to this act.  "Qualified housing development" means a housing development for which a loan guarantee may be made pursuant to this act.  L.1992,c.114,s.3.
NJ Rev Stat § 55:14K-48 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-48 - Issuance of Housing Incentive Bonds

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 outstanding at any one time, for the exclusive purpose of funding loan guarantees in the manner and to the extent provided in this act.  b. These bonds shall be designated as Housing Incentive Bonds and shall not be general obligations of the agency, but shall be special obligations of the agency; and the payment of interest on and repayment of principal of these bonds shall be secured by and paid out of the revenues accruing to the fund pursuant to section 5 of this act or, if at any time the revenue should prove insufficient for the full and punctual payment thereof, out of moneys provided through the credit enhancement arrangements authorized in section 8 of this act.  c. Except as otherwise explicitly authorized in this act, any bonds issued or to be issued pursuant to this section shall be subject to all the requirements, conditions and restrictions of P.L.1983, c.530 (C.55:14K-1 et seq.) upon the bonding authority of the agency.  d. The interest rate and other terms upon which bonds are issued pursuant to this section shall not create a prospective obligation of the agency in excess of the amount of revenues that can reasonably be expected from the fees that the agency can reasonably expect to charge pursuant to subsection d. of section 5 of this act.  L.1992,c.114,s.4.
NJ Rev Stat § 55:14K-49 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-49 - Housing Incentive Finance Fund established

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 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) all proceeds from the sale of bonds pursuant to section 4 of this act; (2) fees received pursuant to this act; (3) any income earned upon investment of moneys in the fund by the agency pursuant to subsection a. of this section; and (4) 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 loan guarantees pursuant to this act; (2) paying the interest on and repaying the principal of bonds issued pursuant to section 4 of this act; (3) entering into agreements pursuant to section 8 of this act for credit enhancement of bonds issued by the agency pursuant to this act; (4) making payments in fulfillment of the terms of loan guarantees entered into pursuant to section 7 of this act; and (5) defraying the administrative costs of the agency in carrying out the purposes and provisions of this act.  d. Fees for the issuance of loan guarantees issued by the fund 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 for the actuarially sound funding of guarantee pledges, and the ability of the agency to pay the interest upon and repay the principal of bonds issued pursuant to section 4 of this act.  L.1992,c.114,s.5.
NJ Rev Stat § 55:14K-51 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-51 - Loan guarantees

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 construction costs as defined in section 3 of this act; (2) the amount of the loan and the terms on which it was made conform substantially to the amount and terms then available to the borrower on such a construction loan; and (3) the regulations of the agency pursuant to subsection c. of this section are complied with.  b. The agency shall establish within the fund sufficient reserves and liquid reserves, aside from those moneys required to meet payments of interest and repayments of principal on bonds issued pursuant to section 4 of this act, to provide a sufficient and actuarially sound basis for its pledges contained in any guarantee contract entered into pursuant to subsection a. of this section.  c. The agency shall adopt rules and regulations governing the issuance of loan guarantees pursuant to this section, including:  (1) procedures for the submission of requests for such guarantees; (2) standards and requirements governing the allocation of guarantees to applicant institutional lenders, and determining the fees to be charged therefor and the manner of payment of those fees;  (3) restrictions as to the maturities and interest rates of any loan, or the return realized therefrom by the institutional lender, upon which a guarantee is to be issued;  (4) requirements as to commitments by institutional lenders with respect to loans upon which guarantees may be issued; and  (5) any other matters related to the duties and the exercise of the powers of the agency under this section.  L.1992,c.114,s.7.
NJ Rev Stat § 55:14K-52 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-52 - Insurance against defaults

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 principal in accordance with the terms of their issuance, the agency is authorized to enter into a contract or contracts with one or more corporations authorized under Title 17 of the Revised Statutes to insure against loss from such defaults.  L.1992,c.114,s.8.
NJ Rev Stat § 55:14K-53 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-53 - Rules, regulations

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 provisions of this act.  L.1992,c.114,s.9.
NJ Rev Stat § 55:14K-54 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-54 - Short title

55:14K-54. Short title  1. This act shall be known and may be cited as the "Affordable Home Ownership Opportunities Act of 1995." L.1995,c.343,s.1.
NJ Rev Stat § 55:14K-55 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-55 - Findings, etc. relative to housing for low and moderate income families

55:14K-55. Findings, etc. relative to housing for low and moderate income families  2. The Legislature finds, determines and declares: a. Housing problems in this State have been, and continue to be, acute, especially in that adequate accommodations, at affordable cost, are increasingly unavailable to lower-income families, and prospective home buyers in all but the higher income categories are thwarted by the formidable costs of home acquisition. b. Accordingly, it is the purpose of this act to establish a program to aid nonprofit organizations in endeavors to develop home-ownership opportunities for lower-income purchasers who are prepared to invest their personal efforts in the construction or rehabilitation of their own housing units. L.1995,c.343,s.2.