reglab/housing_qa huggingface dataset:
NJ Rev Stat § 55:17-10 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:17-10 - Liberal construction

55:17-10. Liberal construction  The provisions of this act shall be liberally construed in order that holders of mortgage loans on projects may rely, in the event of a default of foreclosure, upon the continuation of terms and provisions of the lease or financial arrangements evaluated at the time of the making of the loan to determine its financial feasibility, and in case of any conflict between the provisions of any statute authorizing such leases or financial arrangements and the provisions of this act, this act shall prevail. L.1967, c. 304, s. 10, eff. Feb. 15, 1968.
NJ Rev Stat § 55:17-11 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:17-11 - Application

55:17-11. Application  The provisions shall apply to all mortgages executed and delivered on and after the effective date of this act, and, to the extent that it may be fairly and feasibly applied to mortgages heretofore made, shall be applicable thereto. L.1967, c. 304, s. 11, eff. Feb. 15, 1968.
NJ Rev Stat § 55:18-1 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-1 - Definitions

55:18-1. Definitions  As used in this act: a. "Dwelling unit" means a room or connected rooms within a residential structure forming a self-contained area within that structure and adapted to provide permanent living accommodations for a person or family, including the availability of heat, electricity, water and necessary equipment for the culinary and sanitary requirements of a household of a size for which it is intended. b. "Resident first-time homebuyer" means a natural person, or the unit of husband and wife considered as joint tenants or tenants by the entirety, who is not and has never been the owner of, or holder of an ownership interest in, residential property in this State, exclusive of any interest as a stockholder or partner in a corporation or limited partnership, or as trustee for another person or persons; who enters or proposes to enter into a lease agreement with a municipality under the terms of this act; and who at the time of entering into such a lease is a bona fide resident of that municipality. c. "Housing corporation" means any corporation formed under the provisions of Title 15 of the Revised Statutes, which by its certificate of incorporation as issued or amended is empowered to engage in the activity of developing, constructing and operating residential accommodations for persons of low and moderate income, or any private, limited-dividend or nonprofit housing corporation organized in accordance with the provisions of the "Limited-Dividend Nonprofit Housing Corporations or Associations Law," P.L.1949, c. 184 (C. 55:16-1 et seq.). d. "Nonresidential structure" means any building designed and built for use as a factory or warehouse, or for retail or wholesale merchandising, office, workshop, school, hospital, hotel, or any other commercial, industrial or institutional purpose; or which, having been designed and built for residential use, has been altered, converted or reconstructed for nonresidential use. e. "Persons and families of low and moderate income" means persons and families whose income is insufficient, in relation to the current cost and condition of housing facilities available in the normal private-enterprise housing market, to secure safe, sanitary and decent housing adequate for the size of the family. f. "Residential structure" means any building constructed or reconstructed, rehabilitated, converted or altered for the purpose of providing dwelling units for the accommodation of nontransient tenants. A structure containing nonresidential space and facilities not exceeding 25% of its total rental value shall be "residential" within this definition. L.1983, c. 335, s. 1, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-2 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-2 - Title in municipality to realty with residential or nonresidential structure; determinations of feasibility of conversion or rehabilitation; authorization to lease and subordinate interest to mortgage

55:18-2. Title in municipality to realty with residential or nonresidential structure; determinations of feasibility of conversion or rehabilitation; authorization to lease and subordinate interest to mortgage  When a municipality holds title to any lot, parcel, or tract of real property that includes a residential or nonresidential structure, if the municipal governing body determines that: a. The structure if nonresidential cannot in the foreseeable future be put to economically feasible use in its intended purpose; or if residential, requires rehabilitation to provide safe, sanitary and decent housing accommodations; and b. The property is not needed for public use by the municipality; and c. Conversion of the nonresidential structure to a residential structure, or rehabilitation of the residential structure, would be practicable and would help to meet a need within the municipality for housing for persons of low to moderate income; then the municipal governing body may (1) lease the property and structure to a housing corporation or resident first-time homebuyer under terms requiring the lessee to undertake such rehabilitation or conversion and to maintain and operate the converted property for residential purposes in accordance with the provisions of this act and of the lease made under authority of this act and (2) subordinate the municipal interest in the property and structure to any mortgage provided pursuant to financing the rehabilitation or conversion of the structure. L.1983, c. 335, s. 2, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-3 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-3 - Qualifications of prospective lessee

55:18-3. Qualifications of prospective lessee  Before any lease is entered into under authority of this act the prospective lessee shall demonstrate to the satisfaction of the municipal governing body: (1) Its financial capacity to undertake the proposed conversion, maintenance and operation, including reliable commitments for any financing reasonably required to meet its obligations under, and resulting from, the terms of the lease; and (2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of the lease. L.1983, c. 335, s. 3, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-4 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-4 - Terms of lease

55:18-4. Terms of lease  A lease entered into under authority of this act shall specify: a. The term of the lease and the conditions, if any, under which the lessee may be entitled to renewal thereof or to the exercise of an option to purchase the leased property upon expiration, or during the term, of the lease. Such option to purchase shall be nontransferable. b. The annual rental to be paid to the municipality, and the manner of payment. c. The date, or a series of dates, running from the date of execution of the lease, upon which the rehabilitation or conversion, or specified stages thereof, shall be completed. d. The number and type of dwelling units to be provided in the rehabilitated or converted structure or structures, including the respective numbers of units to be provided for single occupancy and for families of varying sizes, together with the facilities to be provided in each unit, or in varying types and sizes of units, and in common areas or for common use of all tenants. e. The schedule of rents to be charged for units of varying type, size and location, which schedule shall be subject to the provisions of section 6 of this act. f. The interest on the fair market value of the property and structure, as determined at the time of execution of the lease to which interest the municipality shall be entitled upon purchase by the lessee pursuant to options, or on any terms provided for in the lease or by the terms of this act. g. Any other terms and conditions not inconsistent with the provisions of this act, or of any other law, to which the lessor municipality and lessee may agree. L.1983, c. 335, s. 4, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-5 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-5 - Conformance to codes

55:18-5. Conformance to codes  Every structure rehabilitated or converted by a lessee under authority of this act, and every dwelling unit in such structure, shall conform to all applicable codes relating to healthfulness, safety and structural soundness of comparable new construction in the municipality; except as the governing body may by ordinance grant modification of or exemption from applicable municipal codes or ordinances on reasonable grounds and without hazard to the health and safety of residents of the rehabilitated or converted structure. L.1983, c. 335, s. 5, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-6 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-6 - Schedule of rents

55:18-6. Schedule of rents  a. A schedule of rents under subsection e. of section 4 of this act shall provide for total revenue sufficient to meet the necessary operating costs, debt service and other necessary commitments of the lessee over the entire term of the lease, including surcharges permitted under section 7 of this act; but shall not exceed amounts feasible for the accommodation of tenants of low and moderate income. b. The schedule of rents may provide for adjustment of rents in accordance with income levels, family size, or extraordinary financial hardships of particular tenants, in order to assure adequate accommodation of the housing needs of persons of low and moderate income. c. The schedule of rents shall not be altered during the term of the lease without consent of the lessor municipality, except as the lease may provide for automatic adjustments based on established operating costs; and the lease shall specify the manner in which such alterations may be from time to time proposed, negotiated, and allowed or disallowed. L.1983, c. 335, s. 6, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-7 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-7 - Surcharge on rents for lessee with option to purchase; deposit; disposition

55:18-7. Surcharge on rents for lessee with option to purchase; deposit; disposition  a. If at the time of execution of the lease the municipality offers the lessee an option to purchase the property during, or at the expiration of, the lease, and if the lessee records in the lease its intention to exercise the option, then in establishing a schedule of rents the lessee shall be entitled to include charges designed to accumulate over the period of the lease a fund which, including accrued interest during that period, is agreed upon by the municipality and the lessee to be probably sufficient to meet the lessee's cash requirements in connection with the purchase; provided, however, that the surcharge shall not increase rents to a level inconsistent with subsection a. of section 6 of this act. b. Charges added to rents for this purpose shall be deposited in a financial institution qualified to exercise appropriate fiduciary powers under the laws of this State and shall not be withdrawn or used for any purpose during the term of the lease, or for any purpose thereafter, except to make payments in connection with the financing of the purchase of the property pursuant to exercise of the option, or as provided in subsection c. of this section. c. Upon expiration of the lease without exercise of an option to purchase for which a fund has been accumulated pursuant to this section, the fund so accumulated shall: (1) If the lessee declines renewal or in renewing declines to continue an option for purchase, be used for a reduction of tenant's rental charges according to a formula determined by the municipality, except as otherwise provided pursuant to subsection c. of section 8 of this act; (2) If the lessee accepts renewal with a continued option to purchase at the end of the extended term, but declines to continue accumulation of the fund, remain on deposit through the extended term subject to the restrictions of subsection b. of this section; (3) If the lessee accepts renewal, with a continued option to purchase at the end of the extended term, remain on deposit and be added to in accordance with continuing charges for the purpose; but such charges shall be adjusted to take into account the longer term for accumulation, the new option price, if set under the terms of renewal, and any change in the fund's expected rate of earnings over the extended period. L.1983, c. 335, s. 7, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-8 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-8 - Expiration of lease; disposition of property

55:18-8. Expiration of lease; disposition of property  Upon expiration of a lease entered into under authority of this act: a. If the lessee exercises an option to purchase, the municipality shall be entitled to the fair market value of the property and structure, as determined at the time of execution of the lease, plus interest on such value. b. If the lessee declines to exercise such option, or to request or accept renewal of the lease on mutually agreeable terms, the property shall revert to the possession of the municipality, which may thereupon negotiate a lease or purchase with another housing corporation or resident first-time homebuyer under applicable terms and conditions authorized by this act. c. (1) Upon sale of a property by the municipality under subsection b. of this section, any fund accumulated pursuant to section 8 of this act may be applied by the purchaser against the purchase price. (2) Upon lease of a property by the municipality under subsection b. of this section, any fund accumulated pursuant to section 8 of this act shall be treated as in a renewal of lease by the original lessee, and the new lessee shall succeed to all the rights therein of the original lessee. L.1983, c. 335, s. 8, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-9 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-9 - Waiver of requirements by municipality; conditions

55:18-9. Waiver of requirements by municipality; conditions  In order to avoid redundant or conflicting regulation, the municipal governing body may waive any requirement pursuant to the provisions of this act upon finding that the requirements for a federal or State program for provision of low- and moderate-income housing in which the resident first-time homebuyer or housing corporation is to participate and to which the property in question is to be subject fulfills the general purpose of the requirement waived or that the requirement if not waived would prevent or impede participation in the federal or State program. L.1983, c. 335, s. 9, eff. Sept. 2, 1983.
NJ Rev Stat § 55:18-10 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:18-10 - Rules and regulations

55:18-10. Rules and regulations  The Commissioner of the Department of Community Affairs shall have the power to adopt, amend, revise and repeal rules and regulations to promote implementation of the provisions of this act. L.1983, c. 335, s. 10, eff. Sept. 2, 1983.
NJ Rev Stat § 55:19-1 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-1 - Short title

55:19-1. Short title  This act shall be known and may be cited as the "New Jersey Urban Development Corporation Act."  L. 1985, c. 227, s. 1, eff. July 8, 1985.
NJ Rev Stat § 55:19-2 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-2 - Findings, declarations

55:19-2. Findings, declarations  The Legislature finds and declares:  a. For several years past economic decline has persisted in the urban centers of the State, despite programs created by both State and federal governments to aid local governments in stemming the decline and stimulating redevelopment.  b. The economic decline of these areas is linked to obsolescence and decay of capital assets, both public and private, and insufficiency of new capital investment for public facilities and amenities, productive industrial plants, and adequate housing.  c. In establishing the Urban Development Corporation, with the powers and functions prescribed in this act, it is the intention of the Legislature to create an instrument for utilizing the widest possible range of financing techniques to coordinate available private and public resources for the revitalization of our urban communities.  d. The corporation is intended to complement and supplement private-sector financing and development activities, and should not unnecessarily compete with or supplant responsible private-sector interest in the implementation of its projects.  L. 1985, c. 227, s. 2, eff. July 8, 1985.
NJ Rev Stat § 55:19-5 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-5 - Coordination with other State programs; advisory council

55:19-5. Coordination with other State programs; advisory council  a. In planning for the development and execution of projects authorized by this act, or for the exercise of any of the other powers conferred upon the corporation or its subsidiaries, the board shall consult with the heads of the principal departments of State government having responsibilities or conducting programs relevant to the power to be exercised or the locality in which it is to be exercised, so that the projects of the corporation and its subsidiaries may be coordinated with parallel or complementary programs of other State agencies, to their mutual support and common benefit.  b. For the purpose of assuring regular and effective liaison between the corporation and other public agencies and officers having responsibilities in areas related to the operations of the corporation, the Governor shall establish an advisory council to the board of directors and shall, from time to time and with the advice and consent of the Senate, designate to serve upon the council such persons, and in such number, as he deems necessary or expedient to furthering this purpose, from among representative members of county and municipal governments, State, local and regional authorities, boards and commissions, and other public bodies, whose activities may affect, or be affected by, the operations of the corporation.  c. In planning and carrying out projects pursuant to this act the corporation and its subsidiaries shall endeavor to enlist the cooperation and assistance, on a volunteer basis, of private business firms and individual business executives whose experience and training qualify them to advise on the design and coordination of aid and development programs for the revitalization of urban centers, and upon the most efficient and businesslike manner of managing and directing such programs.  L. 1985, c. 227, s. 5, eff. July 8, 1985.
NJ Rev Stat § 55:19-7 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-7 - Subsidiary corporations

55:19-7. Subsidiary corporations  a. The corporation shall have the right to exercise and perform its powers and functions through one or more subsidiaries. The corporation by resolution may direct any of its directors, officers or employees to organize a subsidiary pursuant to the corporation laws of this State. The resolution shall prescribe the purposes for which the subsidiary corporation is to be formed.  b. Such corporation shall be deemed a subsidiary whenever and so long as (1) more than half of the outstanding voting shares of such corporation are owned by the corporation, or (2) the corporation has the power to designate, and has so designated, a majority of the directors of such corporation.  c. The corporation may transfer to any subsidiary any money, property, real or personal or mixed, or any project, in order to carry out the purposes of this act. Each subsidiary shall have all the powers, privileges, immunities, tax exemptions and other exemptions of the corporation to the extent the same are not inconsistent with the statute or statutes pursuant to which such subsidiary was incorporated.  d. No officer or director of the corporation shall receive any additional compensation, either direct or indirect, other than reimbursement for actual expenses necessarily incurred in the performance of his duties, by reason of his serving as an officer or director of any subsidiary.  L. 1985, c. 227, s. 7, eff. July 8, 1986.
NJ Rev Stat § 55:19-8 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-8 - Joint ventures

55:19-8. Joint ventures  The corporation, or any subsidiary, may enter into agreements with any individual, partnership, trust, association or corporation, or any public agency, under which the corporation or subsidiary and such other entity or entities shall undertake a project as a joint venture, with the corporation or subsidiary providing such financial assistance, through loans, grants or the acquisition of an ownership interest in the project, and such technical or managerial assistance or advice, as the agreement may provide.  L. 1985, c. 227, s. 8, eff. July 8, 1986.
NJ Rev Stat § 55:19-9 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-9 - Loans for "projects."

55:19-9. Loans for "projects."  The corporation, or any subsidiary, may make loans to any individual, partnership, trust, association or corporation for the purpose of enabling such entity to undertake any work, improvement or other activity in a qualified municipality which, if undertaken by the corporation or a subsidiary, would be a "project" within the meaning of section 3 of this act. The corporation, or any subsidiary, may also pledge its credit for the repayment of any such loan made for like purposes by any financial institution in the State.  L. 1985, c. 227, s. 9, eff. July 8, 1986.
NJ Rev Stat § 55:19-10 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-10 - Subsidiary stock issuance

55:19-10. Subsidiary stock issuance  Any subsidiary, upon authorization by the corporation, may issue its stock and employ the proceeds of such sales for capital investment in, or other expenses in connection with, the projects of the subsidiary.  L. 1985, c. 227, s. 10, eff. July 8, 1986.
NJ Rev Stat § 55:19-11 (2021)
2021 New Jersey Revised Statutes|Title 55 - Tenement Houses and Public Housing|Section 55:19-11 - Self-dealing prohibition

55:19-11. Self-dealing prohibition  a. No director, officer, agent or employee of the corporation or of any of the corporation's subsidiaries shall take any official action on any matter in which he has a direct or indirect financial interest, except that the ownership of, or tenancy in, one's own private residence shall not be considered a financial interest for the purposes of this section.  b. Any action taken or approval granted by the corporation or any of its subsidiaries in violation of this subsection is voidable.  c. Any person who knowingly violates any provision of this section shall forfeit his office or employment and is guilty of a crime of the fourth degree.  L. 1985, c. 227, s. 10A, eff. July 8, 1985.