reglab/housing_qa huggingface dataset:
NJ Rev Stat § 55:14K-57 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-57 - Amount set aside to provide mortgage loans

55:14K-57. Amount set aside to provide mortgage loans  4. a. In furtherance of the public policy of this act, the agency shall set aside, from the bonds of the agency, an amount to be determined by the agency of the total aggregate original principal amount of such bonds to provide mortgage loans to purchasers under the Affordable Home Ownership Opportunities Program created pursuant to this act. b. The purpose of these bonds shall be to assist qualified nonprofit organizations in the creation of eligible low and moderate income housing projects in the manner and to the extent provided in the program established by this act. c. The bonds shall bear the rate or rates of interest as may be determined by the agency, which interest shall be payable as may be determined by the agency. L.1995,c.343,s.4.
NJ Rev Stat § 55:14K-58 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-58 - Affordable Home Ownership Opportunities Fund established

55:14K-58. Affordable Home Ownership Opportunities Fund established  5. a. There is hereby established in the agency the Affordable Home Ownership Opportunities Program and the Affordable Home Ownership Opportunities 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 and 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 6 of this act and (2) defraying the administrative costs of the agency in carrying out the purposes and provisions of this act, but not more than two per cent of the proceeds of the bonds authorized and actually expended pursuant to section 4 of this act shall be used for such administrative costs. d. Interest upon loans to eligible purchasers 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.1995,c.343,s.5.
NJ Rev Stat § 55:14K-59 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-59 - Loans by agency authorized

55:14K-59. Loans by agency authorized  6. a. The agency is hereby authorized to make loans under the program to qualified purchasers of dwelling units from nonprofit organizations undertaking eligible projects that meet the requirements of section 7 of this act. b. Loans made pursuant to this act shall be to low and moderate income purchasers of dwelling units within the project for which the loan is made, who intend making such dwelling units their principal place of residence, and who have entered into agreements with a qualified nonprofit organization to participate to the extent of their abilities in the actual work of construction or substantial rehabilitation. The terms of any such agreement shall provide that, if the prospective purchaser fails or refuses to carry out his obligations thereunder, or withdraws from participation in the project before completion of the project or any portion thereof to which his obligation extends, the nonprofit organization shall provide for substitution of another prospective purchaser who shall succeed to all the rights and obligations of the previous participant subsisting at the time of substitution. (1) Loans made pursuant to this subsection shall be made only to pre-qualified home purchasers whose eligibility for such loans under the terms of this act has been determined by the agency. (2) A loan made to an eligible purchaser out of funds granted pursuant to this act shall be secured by a mortgage held by the agency. The mortgage shall be secured by the property purchased by the eligible purchaser and shall be amortized monthly, with interest not to exceed a rate consistent with the provisions of subsection d. of section 5 of this act. The loan shall be repayable in full upon sale, lease or other transfer of the property resulting in that property's ceasing to be the principal residence of that purchaser; except that such eligible purchaser shall be entitled at any prior time, and without ceasing to maintain the property as his principal residence, to make repayment in whole or part. The agency may forebear the payment of interest to the extent it deems prudent and as may be permitted by the conditions of the bonds in any case in which it finds good cause and that the exaction of such payment would work an exceptional hardship upon the borrower. L.1995,c.343,s.6.
NJ Rev Stat § 55:14K-60 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-60 - Eligibility for loans

55:14K-60. Eligibility for loans  7. A project of new construction or substantial rehabilitation by a nonprofit organization shall be eligible for a loan under this act if (1) the homes to be constructed or substantially rehabilitated under the project are located within an identifiable neighborhood in which median family income does not exceed the current standard of "moderate income" pursuant to the contemporaneous standards of the Council on Affordable Housing; (2) the homes to be constructed or substantially rehabilitated under the project 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 lower-income purchasers; and (3) each home constructed or substantially rehabilitated within the project will conform to all requirements of the State Uniform Construction Code, except as to the waiver of any fee or other requirement pursuant to subsection b. of section 9 of this act. L.1995,c.343,s.7.
NJ Rev Stat § 55:14K-61 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-61 - Selection of eligible projects

55:14K-61. Selection of eligible projects  8. In selecting eligible projects to receive loans from the fund, the agency shall accord priority to programs in which: a. Private donors or local units of government contribute land or money to make the program feasible. b. Financial or other contributions from public or private sources, including tax abatements, waivers of fees relating to development, waivers of construction, development or zoning requirements, will reduce the cost of homes to be constructed or substantially rehabilitated. 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 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 provides for the involvement of local residents in its planning and execution. g. The design of the project encourages the development of housing units suitable for and attractive to households consisting of extended families, comprising persons related by birth, marriage or descent, being of different generations or adult siblings of the same generation, or both, living together as a single household and sharing accommodations, facilities and functions within the family unit appropriate to their respective ages, abilities and resources. L.1995,c.343,s.8.
NJ Rev Stat § 55:14K-62 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-62 - Eligible project declared public work

55:14K-62. Eligible project declared public work  9. Any eligible project that conforms to the standards and requirements of this act 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.1995,c.343,s.9.
NJ Rev Stat § 55:14K-63 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-63 - Rules, regulations

55:14K-63. Rules, regulations  10. The agency is authorized to promulgate the rules and regulations necessary to effectuate the provisions and purposes of this act 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.1995,c.343,s.10.
NJ Rev Stat § 55:14K-64 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-64 - Short title

55:14K-64. Short title  1. This act shall be known and may be cited as the "Rental Housing Incentive Guarantee Program." L.1995,c.359,s.1.
NJ Rev Stat § 55:14K-65 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-65 - Findings, declarations relative to Rental Housing Incentive Guarantee Program

55:14K-65. Findings, declarations relative to Rental Housing Incentive Guarantee Program  2. The Legislature hereby finds and declares: a. The present depressed condition of the housing industry in this State is both an obstacle to economic recovery and a source of distress to those among our population for whom housing at affordable cost has become inadequate, insufficient or unavailable. b. By enactment of P.L.1992, c.114 (C.55:14K-45 et seq.) this Legislature recognized the severity of this problem and endeavored to provide a stimulus to the housing industry through a program of loans and loan guarantees for housing development, to be administered by the New Jersey Housing and Mortgage Finance Agency (HMFA). c. The aforesaid enactment, however, is limited to the encouragement of housing that is to be developed for sale to individual home owners; whereas for the foreseeable future the most pressing need for housing will be among those lower-income groups for whom home ownership remains out of reach, and to whom it is essential that affordable rental housing of a decent standard of habitability be made available. d. The Assembly Task Force on HMFA Operations, which issued its general recommendations on January 27, 1993, recommended that additional resources be allocated towards significantly increasing rental housing production. e. The Assembly Housing Committee, in both the 1992-1993 and 1994-1995 legislative sessions, has provided forums on numerous occasions to the banking industry, HMFA, and builders of rental housing, which enabled these parties to formulate a plan to remove the barriers to the construction of affordable rental housing. f. It is, therefore, the intention of this act to make available, under administration of the HMFA, loan guarantees to developers of rental housing upon terms that include assurances of long-term affordability to low and moderate income renters of a significant proportion of the dwelling units thus developed. g. It is the further intention of this act to suggest that a portion of the funding provided to the New Jersey Economic Development Authority (NJEDA) under the "Economic Recovery Act" P.L.1992, c.16 (C.34:1B-7.10 et al.), be directed to the development of affordable rental housing. L.1995,c.359,s.2.
NJ Rev Stat § 55:14K-67 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-67 - Rental Housing Incentive Guarantee Fund established

55:14K-67. Rental Housing Incentive Guarantee Fund established  4. a. There is hereby established in the agency the Rental Housing Incentive Guarantee Fund, which shall be non-revolving, for the purpose of funding loan guarantees authorized pursuant to this act. b. There shall be paid into the fund: (1) moneys allocated to the agency under agreements made with the New Jersey Economic Development Authority pursuant to section 9 of this act and (2) any other funds that may be made available to the fund by the agency, such as funds available from bond redemptions or refundings, federal funds, available reserves, moneys available from the Revolving Housing Development and Demonstration Grant Program fund established pursuant to section 5 of P.L.1967, c.82 (C.52:27D-63), or any moneys available from any other program the purpose of which is to promote affordable housing, up to an amount not to exceed $10,000,000, which shall be based on lender participation and program demands. c. Moneys in the fund shall be used exclusively for (1) making payments in fulfillment of the terms of loan guarantees entered into pursuant to section 5 of this act; and (2) defraying the administrative costs of the agency in carrying out the purposes and provisions of this act. L.1995,c.359,s.4.
NJ Rev Stat § 55:14K-69 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-69 - Agreements between agency and authority

55:14K-69. Agreements between agency and authority  6. For the purpose of carrying out the housing component of mixed use projects of the New Jersey Economic Development Authority consisting of both housing and commercial development, the agency may enter into agreements with that authority and receive funds from the authority for any of the purposes authorized by this act and specified in the agreement between the agency and the Economic Development Authority. L.1995,c.359,s.6.
NJ Rev Stat § 55:14K-70 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-70 - Funding provided by New Jersey Economic Development Authority

55:14K-70. Funding provided by New Jersey Economic Development Authority  7. The New Jersey Economic Development Authority shall provide funding for any agreements entered into pursuant to section 6 of P.L.1995, c.359 (C.55:14K-69) on the basis of demand, utilizing (1) such amounts from the Economic Recovery Fund established pursuant to P.L.1992, c.16 (C.34:1B-7.10 et al.) as the authority determines to be necessary, within the limits of funding available from that fund, based upon executed agreements between the authority and the Housing and Mortgage Finance Agency concerning mixed-use housing and commercial developments pursuant to section 3 of P.L.1974, c.80 (C.34:1B-3) and (2) other moneys of the authority, including but not limited to moneys available from other business loan programs administered by the authority, that the authority determines to be necessary. L.1995,c.359,s.7.
NJ Rev Stat § 55:14K-71 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-71 - Rules, regulations

55:14K-71. Rules, regulations  10. 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 to effectuate the purposes of this act. L.1995,c.359,s.10.
NJ Rev Stat § 55:14K-72 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-72 - Short title

55:14K-72. Short title  1. This act shall be known and may be cited as the "Senior and Disabled Cooperative Housing Finance Incentive Act." L.1998,c.128,s.1.
NJ Rev Stat § 55:14K-73 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-73 - Findings, declarations relative to cooperative housing for certain purchasers

55:14K-73. Findings, declarations relative to cooperative housing for certain purchasers  2. The Legislature finds and declares that: a. New Jersey has the second largest population of senior residents in the country and many persons with disability and each decennial census reveals a significant increase in this population; b. Given the relatively onerous property tax burden within this State, the high cost of living, and increasing medical costs, many seniors and persons with disability on fixed incomes find it increasingly difficult to maintain a decent standard of living; c. Cooperative housing arrangements, in which seniors or disabled persons share accommodations with others, whether as homeowners or renters, providing the opportunity for social interaction, housekeeping assistance, and other prerequisites of daily living, allow for the pooling of the cost of owning and maintaining or renting a residence while at the same time affording residents the privacy they desire and deserve; d. In addition, given the astronomical costs of health care and nursing home care, this arrangement may prove to be a viable option for many seniors and persons with disability who do not have the financial or other resources necessary to remain economically independent and enjoy a high qualify of life; and e. Accordingly, it is the purpose of this act to foster the creation of affordable housing arrangements for low and moderate income seniors and persons with disability by establishing a program to aid qualified housing sponsors in developing affordable cooperative housing for occupancy by seniors and persons with disability of limited economic means who will share certain responsibilities and costs for property maintenance and other necessities as may be agreed to. L.1998,c.128,s.2.
NJ Rev Stat § 55:14K-75 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-75 - "New Jersey Senior and Disabled Cooperative Housing Finance Incentive Program"

55:14K-75. "New Jersey Senior and Disabled Cooperative Housing Finance Incentive Program"  4. a. There is hereby established in the agency the "New Jersey Senior and Disabled Cooperative Housing Finance Incentive Program" for the purpose of assisting the financing of eligible projects and for making loans to any eligible purchaser of a dwelling unit in an eligible project pursuant to P.L.1998, c.128 (C.55:14K-72 et seq.) out of the Senior and Disabled Cooperative Incentive Fund created pursuant to section 6 of P.L.1998, c.128 (C.55:14K-77). For the purposes of this act, any project undertaken by a qualified housing sponsor may include, but shall not be limited to, projects in which seniors or persons with disability reside in: an apartment unit in a small complex with a community room for informal gatherings; or a home within which the individual has a private bedroom or bedroom sitting area and shares common areas, housekeeping chores, and some meals regardless of whether the housing is produced for home ownership or rental. These living arrangements may also allow for the provision of housekeeping services and meals by professional workers with the sharing of the associated costs by residents. b. Loans made to an eligible purchaser pursuant to subsection a. of this section shall be subject to the following conditions: (1) the unit is to be occupied as the principal place of residence of the eligible purchaser; and (2) that purchaser has entered into an agreement with a qualified housing sponsor to participate in the program. Loans shall also be made to qualified housing sponsors that will sponsor and manage cooperative housing for older adults. Loans made pursuant to this subsection shall be made only to pre-qualified home purchasers whose eligibility for such loans under the terms of P.L.1998, c.128 (C.55:14K-72 et seq.) has been determined by the agency. c. A loan made to an eligible purchaser out of funds made available pursuant to P.L.1998, c.128 (C.55:14K-72 et seq.) shall be secured by a mortgage held by the agency. The mortgage shall be secured by the property purchased by the eligible purchaser and shall be amortized monthly. The loan shall be repayable in full upon sale, lease or other transfer of the property resulting in that property's ceasing to be the principal residence of that purchaser; except that such eligible purchaser shall be entitled at any prior time, and without ceasing to maintain the property as his principal residence, to make repayment in whole or part. The agency may forbear the payment of interest to the extent it deems prudent and as may be permitted by the conditions of the bonds in any case in which it finds good cause and that the exaction of such payment would work an exceptional hardship upon the borrower. L.1998,c.128,s.4.
NJ Rev Stat § 55:14K-76 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:14K-76 - Amount from bonds set aside for certain mortgage loans, projects

55:14K-76. Amount from bonds set aside for certain mortgage loans, projects  5. a. In furtherance of the public policy of P.L.1998, c.128 (C.55:14K-72 et seq.), the agency shall set aside, from the bonds of the agency, an amount to be determined by the agency of the total aggregate original principal amount of such bonds to provide mortgage loans to purchasers under the "Senior and Disabled Cooperative Housing Finance Incentive Program" created pursuant to P.L.1998, c.128 (C.55:14K-72 et seq.). b. In addition to being used to provide mortgage loans pursuant to subsection a. of this section, these bonds also shall be utilized to assist qualified housing sponsors in the development of eligible projects in the manner and to the extent provided in the program established by P.L.1998, c.128 (C.55:14K-72 et seq.). c. The bonds shall bear the rate or rates of interest as may be determined by the agency, which interest shall be payable as may be determined by the agency. L.1998,c.128,s.5.