reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-14 - Special election to fill vacancy in the office of mayor; limitation on authority to appoint

40A:16-14. Special election to fill vacancy in the office of mayor; limitation on authority to appoint
If a governing body shall fail to fill a vacancy in the office of mayor as provided in N.J.S. 40A:16-4a or 40A:16-5a within the 30-day period prescribed by N.J.S. 40A:16-11 or 40A:16-12, the municipal clerk shall forthwith fix the date for a special election to fill the vacancy to be held not less than 45 days nor more than 50 days after the expiration of the time fixed for the filling of the vacancy. If the date fixed for a special election shall fall within 20 days prior to the holding of any general election, regular municipal election or any other election within the municipality, the vacancy shall be filled at that election. If the date fixed for a special election shall fall within 20 days after the holding of any general election, regular municipal election or any other election within the municipality, then the special election to fill the vacancy shall be held not less than 20 days nor more than 25 days from the date of that election.
Notwithstanding the foregoing, if a vacancy in the office of mayor occurs in the final 6 months of the term of the mayor, no special election shall be held to fill the vacancy.
No appointment shall be made by a governing body to fill a vacancy occurring in the office of a mayor after the fixing of a date for a special election to fill the vacancy pursuant to this section.
L.1979, c. 83, s. 1, eff. April 26, 1979. Amended by L.1980, c. 93, s. 1, eff. Aug. 28, 1980.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-15 - Appointment pending election when person elected to office dies before commencement of term

40A:16-15. Appointment pending election when person elected to office dies before commencement of term
40A:16-15. If at any time after an election for the office of mayor or for a member of the governing body and before the time fixed for the commencement of the term of the office, the person elected to that office dies, the municipal committee of the political party of which the person elected was the nominee shall appoint another person to fill the position until the next regular municipal election. If the person elected was not the nominee of a political party, on or within 30 days after the time fixed for the commencement of the term of office, the governing body shall appoint a successor to fill the office until the next regular municipal election without regard to party.
L.1979, c.83, s.1;amended 1980,c.93,s.2; 1993,c.341.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-16 - Special election when vacancy occurs pursuant to R.S. 19:3-25

40A:16-16. Special election when vacancy occurs pursuant to R.S. 19:3-25
Whenever the office of mayor or of member of the governing body shall be declared or deemed vacant pursuant to R.S. 19:3-25, the municipal clerk shall forthwith fix the date for a special election to fill that office for its term or unexpired term, as the case may be, to be held not less than 45 days nor more than 50 days from the date upon which the office was so declared or deemed to be vacant.
L.1979, c. 83, s. 1, eff. April 26, 1979. Amended by L.1980, c. 93, s. 3, eff. Aug. 28, 1980.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-17 - Special election when person elected to office becomes disqualified before commencement of term

40A:16-17. Special election when person elected to office becomes disqualified before commencement of term
If at any time after an election for the office of mayor or for a member of the governing body and before the time fixed for the commencement of the term of the office, it shall be determined that the person elected to that office shall no longer have the qualifications required for the office, the municipal clerk shall forthwith fix the date for a special election to fill the office for its term or unexpired term, as the case may be, to be held not less than 45 days nor more than 50 days from the date of such determination.
L.1979, c. 83, s. 1, eff. April 26, 1979. Amended by L.1980, c. 93, s. 4, eff. Aug. 28, 1980.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-18 - Notice of holding special election; contents

40A:16-18. Notice of holding special election; contents
The municipal clerk upon the fixing of a date for the holding of a special election shall immediately cause to be published in a legal newspaper circulating within the municipality a notice setting forth the date of the special election, its purpose, and the date when the nomination of candidates for election shall be filed in the clerk's office.
L.1979, c. 83, s. 1, eff. April 26, 1979.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-19 - Nomination of successor to be elected at special election

40A:16-19. Nomination of successor to be elected at special election
The nomination of a successor to be elected at a special election as provided in N.J.S. 40A:16-14, 40A:16-15, 40A:16-16 and 40A:16-17 shall be made in the following manner:
a. In municipalities holding elections for municipal officers at the time of a general election, the municipal committees of the political parties in the municipality shall, no later than 15 days from the expiration of the time fixed in N.J.S. 40A:16-14 for the filling of a vacancy by appointment or from the happening of the events set forth in N.J.S. 40A:16-15, 40A:16-16 and 40A:16-17, select their candidates for election to the office, and file a statement of their selections with the municipal clerk. The statements so filed shall conform to the provisions of R.S. 19:13-20. Other candidates for election to such office shall be nominated by petition in the manner set forth in subsection b. of this section.
b. In municipalities holding regular municipal elections, nomination shall be by petition in writing filed with the municipal clerk. The petition shall be signed by a number of the registered and qualified voters of the municipality if the successor is to be elected at large, or of the ward if the successor is to be elected from a ward, equal to at least 0.5% of the total number of votes cast in the municipality, or ward, as the case may be, at the last preceding general election at which members of the General Assembly were elected, but in no case shall such petition be signed by fewer than 25 such voters. The petition shall be filed with the municipal clerk no later than 15 days from the expiration of the time prescribed in N.J.S. 40A:16-14 for the filling of a vacancy by appointment or from the happening of the events set forth in N.J.S. 40A:16-15, 40A:16-16 and 40A:16-17. The municipal clerk shall forthwith examine the petition, and, if he finds it to be defective in any particular, he shall return the petition to the person nominated thereby setting forth his reasons in writing. Within 3 days after its return, the petition as corrected may be refiled with the municipal clerk.
L.1979, c. 83, s. 1, eff. April 26, 1979.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-20 - Nomination of successor to be elected at regular municipal or general election

40A:16-20. Nomination of successor to be elected at regular municipal or general election
The nomination of a successor to be elected at a regular municipal or general election shall be made in the manner provided in Title 19 of the Revised Statutes.
L.1979, c. 83, s. 1, eff. April 26, 1979.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-21 - Time for taking office

40A:16-21. Time for taking office
All appointees to fill a vacancy, whether to fill the unexpired term or temporarily, shall take office immediately after appointment and qualification. All persons elected to serve for the unexpired term of an office shall take office immediately upon certification of the results of the election pursuant to the provisions of R.S. 19:20-9. All persons elected to serve for a full term of office shall take office on the date fixed for the commencement of the term of the office.
L.1979, c. 83, s. 1, eff. April 26, 1979.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-22 - Provisions in special municipal charters superseded

40A:16-22. Provisions in special municipal charters superseded
The provisions of any special municipal charters which are inconsistent with the provisions of this chapter are hereby superseded.
L.1979, c. 83, s. 1, eff. April 26, 1979.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:16-23 - Statutes repealed

40A:16-23. Statutes repealed
The following sections, acts and chapters, together with all amendments and supplements thereto are hereby repealed:
Revised Statutes Sections:
R.S. 40:72-15;
R.S. 40:81-18;
R.S. 40:87-11;
R.S. 40:125-7;
R.S. 40:131-5;
R.S. 40:146-20;
R.S. 40:171-5.
Pamphlet Laws:
P.L.1975, c. 213 (C. 40:45B-1 to C. 40:45B-6 inclusive);
P.L.1950, c. 210, s. 3-5 (C. 40:69A-35);
P.L.1950, c. 210, s. 4-6 (C. 40:69A-54);
P.L.1950, c. 210, s. 5-6 (C. 40:69A-60);
P.L.1950, c. 210, s. 6-7 (C. 40:69A-67);
P.L.1950, c. 210, s. 7-6 (C. 40:69A-73);
P.L.1950, c. 210, s. 8-7 (C. 40:69A-80);
P.L.1950, c. 210, s. 9-5 (C. 40:69A-85);
P.L.1950, c. 210, s. 10-5 (C. 40:69A-103);
P.L.1950, c. 210, s. 11-5 (C. 40:69A-108);
P.L.1950, c. 210, s. 12-6 (C. 40:69A-114);
P.L.1950, c. 210, s. 13-5 (C. 40:69A-119);
P.L.1950, c. 210, s. 14-5 (C. 40:69A-137);
P.L.1953, c. 254, s. 13 (12A-5) (C. 40:69A-114.5);
P.L.1973, c. 234, s. 5 (C. 40:69A-114.11);
P.L.1963, c. 149, s. 8 (C. 40:103-5(78) ).
L.1979, c. 83, s. 1, eff. April 26, 1979.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-2 - Findings, declarations.

40A:20-2 Findings, declarations.
2. The Legislature finds that in the past a number of laws have been enacted to provide for the clearance, replanning, development, and redevelopment of blighted areas pursuant to Article VIII, Section III, paragraph 1 of the New Jersey Constitution. These laws had as their public purpose the restoration of deteriorated or neglected properties to a use resulting in the elimination of the blighted condition, and sought to encourage private capital and participation by private enterprise to contribute toward this purpose through the use of special financial arrangements, including the granting of property tax exemptions with respect to land and the buildings, structures, infrastructure and other valuable additions to and amelioration of land, provided that the construction or rehabilitation of buildings, structures, infrastructure and other valuable additions to and amelioration of land constitute improvements to blighted conditions. The Legislature finds that these laws, separately enacted, contain redundant and unnecessary provisions, or provisions which have outlived their usefulness, and that it is necessary to revise, consolidate and clarify the law in this area in order to preserve and improve the usefulness of the law in promoting the original public purpose.
The Legislature declares that the provisions of this act are one means of accomplishing the redevelopment and rehabilitation purposes of the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-1 et al.) through the use of private entities and financial arrangements pertaining thereto, and that this act should be construed in conjunction with that act.
L.1991,c.431,s.2; amended 1992, c.79, s.53; 2003, c.125, s.6.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-4 - Municipal agreements for projects under a redevelopment plan

40A:20-4. Municipal agreements for projects under a redevelopment plan
4. The governing body of a municipality which has adopted a redevelopment plan pursuant to the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-11 et al.) may enter into a financial agreement with an urban renewal entity for the undertaking of a project set forth in a redevelopment plan adopted by the governing body pursuant to the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-1 et al.) or a project necessary, useful, or convenient for the relocation of residents displaced or to be displaced by the redevelopment of all or any part of one or more redevelopment areas, or a low and moderate income housing project. The financial agreement shall include, but not be limited to, those provisions set forth in sections 8, 9, 10 and 11 of P.L.1991, c.431 (C.40A:20-8 through 40A:20-11), and shall be subject to review and approval as required by section 8 of P.L.1991, c.431 (C.40A:20-8) prior to execution . The municipality which enters into the agreement shall retain all necessary authority and control for the redevelopment of the redevelopment area set forth in the plan, and the undertaking of a project by an urban renewal entity pursuant to that plan and P.L.1991, c.431 (C.40A:20-1 et seq.) shall be deemed a delegation of the powers of the municipality to undertake the project, which delegation shall be limited by the terms of the agreement and the provisions of P.L.1991, c.431 (C.40A:20-1 et seq.).
An urban renewal entity pursuant to an agreement may undertake a project, and when so authorized by the financial agreement, acquire by purchase or lease for not less than the term of the tax exemption, plan, develop, construct, alter, maintain or operate housing, senior citizen housing, business, industrial, commercial, administrative, community, health, recreational, educational, cultural, or welfare projects, or any combination of two or more of these types of improvement in a single project . The conditions of use, ownership, management and control of the improvements in a project shall be regulated by this act and the terms of the financial agreement.
L.1991,c.431,s.4; amended 1992,c.79,s.55.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-5.1 - Urban renewal entity; qualification

40A:20-5.1. Urban renewal entity; qualification
2. The provisions of section 5 of P.L.1991, c.431 (C.40A:20-5) to the contrary notwithstanding, a nonprofit corporation organized for the purpose of developing, constructing and operating a qualified subsidized housing project may qualify as an urban renewal entity under P.L.1991, c.431 (C.40A:20-1 et seq.) if its certificate of incorporation is in conformity with the requirements of the federal agency subsidizing the project.
L.1994,c.87,s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-6 - Necessary powers of urban renewal entities

40A:20-6. Necessary powers of urban renewal entities
6. Each urban renewal entity qualifying under this act shall have and may exercise such of the powers conferred by law on the form of entity selected as shall be necessary for the operation of the business of the entity and as shall be consistent with the provisions of this act, and shall have and may exercise the powers set forth in this act, but only so long as its financial agreement is in effect with the municipality pursuant to this act.
If an urban renewal entity has, with the consent of the municipality in which its project is located, transferred its project to another urban renewal entity which has assumed the contractual obligations of the transferor entity with the municipality, the transferor entity shall be discharged from any further obligation under the financial agreement, and shall be qualified to undertake another project with the same or a different municipality.
L.1991,c.431,s.6.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-7 - Additional powers of urban renewal entities

40A:20-7. Additional powers of urban renewal entities
7. An urban renewal entity shall have the following powers, in addition to those conferred by the law under which the entity is formed:
a. To accept loans or grants from federal, State, county or municipal governments, or from any agency, instrumentality or authority created by one or more of those governments, in aid of the project owned, or to be acquired or undertaken by the entity.
b. To borrow money at such rate of interest as may be limited by the terms of the financial agreement, to mortgage or pledge its property, both real and personal, and to secure the payment of is obligations.
c. To obtain, or aid in obtaining, from the federal or State government any insurance or guarantee or commitment therefor, as to the payment or repayment of interest or principal, or both, or any part thereof, of any loan or other extension of credit, or any instrument evidencing or securing the same, obtained or to be obtained or entered into by it, and to enter into any agreement, contract or other instrument with respect to insurance or guarantee.
L.1991,c.431,s.7.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-8 - Application required, form, contents

40A:20-8. Application required, form, contents
8. Every urban renewal entity qualifying under this act, before proceeding with any projects, shall make written application to the municipality for approval thereof. The application shall be in a form, and shall certify to those facts and data, as shall be required by the municipality, and shall include but not be limited to:
a. A general statement of the nature of the proposed project, that the undertaking conforms to all applicable municipal ordinances, and that the project accords with the redevelopment plan and master plan of the municipality, or, in the case of a redevelopment relocation housing project, provides for the relocation of residents displaced or to be displaced from a redevelopment area, or, in the case of a low and moderate income housing project, the housing units are restricted to occupation by low and moderate income households.
b. A description of the proposed project outlining the area included and a description of each unit thereof if the project is to be undertaken in units and setting forth architectural and site plans as required.
c. A statement prepared by a qualified architect or engineer of the estimated cost of the proposed project in the detail required, including the estimated cost of each unit to be undertaken.
d. The source, method and amount of money to be subscribed through the investment of private capital, setting forth the amount of stock or other securities to be issued therefor or the extent of capital invested and the proprietary or ownership interest obtained in consideration therefor.
e. A fiscal plan for the project outlining a schedule of annual gross revenue, the estimated expenditures for operation and maintenance, payments for interest, amortization of debt and reserves, and payments to the municipality to be made pursuant to a financial agreement to be entered into with the municipality.
f. A proposed financial agreement conforming to the provisions of section 9 of this act.
The application shall be addressed and submitted to the mayor or other chief executive officer of the municipality. The mayor or other chief executive officer shall, within 60 days of his receipt of the application thereafter, submit the application with his recommendations to the municipal governing body. The governing body shall by resolution approve or disapprove the application, but in the event of disapproval, changes may be suggested to secure approval. An application may be revised and resubmitted.
L.1991,c.431,s.8.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-10 - Provisions for transfer or sale.

40A:20-10 Provisions for transfer or sale.
10. The financial agreement may provide:
a. That the municipality will consent to a sale of the project by the urban renewal entity to another urban renewal entity organized under P.L.1991, c.431 (C.40A:20-1 et seq.), their successors, assigns, all owning no other project at the time of the transfer and that, upon assumption by the transferee urban renewal entity of the transferor's obligations under the financial agreement, the tax exemption of the improvements thereto and, to the extent authorized pursuant to section 12 of P.L.1991, c.431 (C.40A:20-12), land shall continue and inure to the transferee urban renewal entity, its respective successors or assigns.
b. That the municipality will consent to a sale of the project to purchasers of units in the condominium if the project or any portion thereof has been devoted to condominium ownership, and to their successors, assigns, all owning (in the case of housing) no other condominium unit of a project at the time of the transfer, and that, upon assumption by the condominium unit purchaser of the transferor's obligations under the financial agreement, the tax exemption of the project buildings and improvements and, to the extent authorized pursuant to section 12 of P.L.1991, c.431 (C.40A:20-12), land shall continue and inure to the unit purchaser, his respective successors or assigns.
c. That the municipality will consent to a sale of the project to purchasers of units in fee simple, if the project or any portion thereof has been devoted to fee simple ownership, and to their successors, assigns, all owning (in the case of housing) no other fee simple unit of a project at the time of the transfer, and that, upon assumption by the fee simple unit purchaser of the transferor's obligations under the financial agreement, the tax exemption of the project buildings and improvements and, to the extent authorized pursuant to section 12 of P.L.1991, c.431 (C.40A:20-12), land shall continue and inure to the fee simple unit purchaser, his respective successors or assigns. The provisions of this subsection shall not be construed to authorize the sale of a project between an urban renewal entity and a for-profit developer.
d. Any financial agreement which provides for consent pursuant to subsection a., b. or c. of this section may allow the municipality to levy an administrative fee, not to exceed two percent of the annual service charge, for the processing of any such request for the continuation of a tax exemption.
L.1991,c.431,s.10; amended 1999, c.210; 2003, c.125, s.10.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-11 - Municipal determinations as to tax exemptions and service charges

40A:20-11. Municipal determinations as to tax exemptions and service charges
11. A financial agreement approved pursuant to this act shall include findings by the municipality, approved by the municipal governing body, setting forth appropriate tax exemption provisions and an appropriate annual service charge schedule which shall be based upon the provisions of section 12 of this act and the municipality's determinations as to:
a. The relative benefits of the project to the redevelopment of the redevelopment area when compared to the costs, if any, associated with the tax exemption;
b. An assessment of the importance of the tax exemption to be granted in obtaining the development of the project and in influencing the locational decisions of probable occupants of the project or units of the project.
L.1991,c.431,s.11.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-12.1 - Nonapplicability of certain annual service charges

40A:20-12.1. Nonapplicability of certain annual service charges
3. The provisions of section 12 of P.L.1991, c.431 (C.40A:20-12) requiring staged increases in annual service charges over the term of the financial agreement and establishing a minimum annual service charge shall not apply to qualified subsidized housing projects.
L.1994,c.87,s.3.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-13 - Termination of tax exemption.

40A:20-13 Termination of tax exemption.
13. The tax exemption provided in P.L.1991, c.431 (C.40A:20-1 et seq.) shall apply only so long as the urban renewal entity and its project remain subject to the provisions of P.L.1991, c.431 (C.40A:20-1 et seq.), but in no event more than: 35 years from the date of the execution of the financial agreement; or, if authorized pursuant to paragraph (2) of subsection a. of section 12 of P.L.1991, c.431 (C.40A:20-12), 50 years from the date of the execution of the financial agreement, in the case of a phased project, or from the first financial agreement implementing a project under the redevelopment agreement, in the case of two or more projects. A tax exemption authorized in connection with a nonprofit limited dividend cooperative housing project under a financial agreement entered into pursuant to the "Limited-Dividend Nonprofit Housing Corporations or Associations Law," P.L.1949, c.184 (C.55:16-1 et seq.) may be extended to coincide with existing first mortgage financing. The terms of any such extension shall be set forth in an amended financial agreement between the urban renewal entity and the municipality. An urban renewal entity may at any time after the expiration of one year from the completion date of the project, notify the governing body of the municipality that, as of a certain date designated in the notice, it relinquishes its status under P.L.1991, c.431 (C.40A:20-1 et seq.), and if the project includes housing units, that the urban renewal entity has obtained the consent of the Commissioner of Community Affairs to such a relinquishment. As of that date, the tax exemption, the service charges, and the profit and dividend restrictions shall terminate. The date of termination of tax exemption, whether by relinquishment by the entity or by terms of the financial agreement, shall be deemed the close of the fiscal year of the entity. Within 90 days of that date, the urban renewal entity shall pay to the municipality the amount of reserve, if any maintained pursuant to section 15 or 16 of P.L.1991, c.431 (C.40A:20-15 or 40A:20-16), as well as the excess net profits, if any, payable as of that date.
L.1991, c.431, s.13; amended 1999, c.220; 2018, c.97, s.18.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-13.1 - Tax exemption

40A:20-13.1. Tax exemption
4. The provisions of sections 12 and 13 of P.L.1991, c.431 (C.40A:20-12 and C.40A:20-13) to the contrary notwithstanding, a qualified subsidized housing project may be exempted from taxation for such period of time as the federal agency subsidizing the project may require as a condition of the subsidy. The exemption from taxation may be extended for an additional period of time as may be required in order to secure a continuation of federal subsidies after the expiration of the initial subsidy period.
L.1994,c.87,s.4.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-13.2 - Certain tax exemptions may be continued.

40A:20-13.2 Certain tax exemptions may be continued.
1. Notwithstanding the provisions of sections 12 and 13 of P.L.1991, c.431 (C.40A:20-12 and C.40A:20-13) 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 existing first mortgage financing is fully paid so long as the project remains subject to affordability controls pursuant to:
a. 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;
b. the Uniform Housing Affordability Controls promulgated by the New Jersey Housing and Mortgage Finance Agency; or
c. 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.2019, c.297, s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-15 - Excess profits of a limited dividend entity.

40A:20-15 Excess profits of a limited dividend entity.
15. An urban renewal entity which is a limited dividend entity under P.L.1991, c.431 (C.40A:20-1 et seq.) shall be subject, during the period of the financial agreement and tax exemption under P.L.1991, c.431 (C.40A:20-1 et seq.), to a limitation of its profits and in addition, in the case of a corporation, of the dividends payable by it. Whenever the net profits of the entity for the period, taken as one accounting period, commencing on the date on which the construction of the first unit of the project is completed, or on which the project is completed if the project is not undertaken in units, and terminating at the end of the last full fiscal year, shall exceed the allowable net profits for the period, the entity shall, within 120 days of the close of that fiscal year, pay the excess net profits to the municipality as an additional service charge. The entity may maintain during the term of the financial agreement a reserve against vacancies, unpaid rentals and contingencies in an amount established in the financial agreement not to exceed 10% of the gross revenues of the entity for the last full fiscal year, and may retain such part of those excess net profits as is necessary to eliminate a deficiency in that reserve. Upon the termination of the financial agreement, the amount of reserve, if any, shall be paid to the municipality.
No entity shall make any distribution of profits, or pay or declare any dividend or other distribution on any shares of any class of its stock, unless, after giving effect thereto, the allowable net profit for the period as determined above and preceding the date of the proposed dividend or distribution would equal or exceed the aggregate amount of all dividends and other distributions paid or declared on any shares of its stock since its incorporation or establishment.
If an entity purchases an existing project from another urban renewal entity, the purchasing entity shall compute its allowable net profits, and, for the purpose of dividend payments, shall commence with the date of acquisition of the project. The date of transfer of title of the project to the purchasing entity shall be considered to be the close of the fiscal year of the selling entity. Within 90 days after that date of the transfer of title, the selling entity shall pay to the municipality the amount of reserve, if any, maintained by it pursuant to this section, as well as the excess net profit, if any, payable pursuant to this section.
For the purposes of this section, the calculation of an entity's "excess net profits" shall include those project costs directly attributable to site remediation and cleanup expenses and any other costs excluded in the financial agreement as provided for in subsection h. of section 3 of P.L.1991, c.431 (C.40A:20-3), even though those costs may have been deducted from the project cost for the purpose of calculating the in lieu of tax payment.
L.1991,c.431,s.15; amended 2003, c.125, s.12.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-16 - Net profits of a nonprofit entity

40A:20-16. Net profits of a nonprofit entity
16. An urban renewal entity which is a nonprofit entity under this act shall be subject, during the period of the financial agreement and tax exemption under this act, to a requirement that it shall pay over its net profits, if any, to the municipality within 90 days after the close of its fiscal year.
The entity may maintain during the term of the financial agreement a reserve against vacancies, unpaid rentals and contingencies in an amount established in the financial agreement not to exceed 10% of the gross revenues of the entity for the last full fiscal year, and may retain such part of those net profits as is necessary to eliminate a deficiency in that reserve. Upon the termination of the financial agreement, the amount of reserve, if any, shall be paid to the municipality.
If an entity purchases an existing project from another urban renewal entity, the purchasing entity shall compute its net profits, if any, commencing with the date of acquisition of the project. The date of transfer of title of the project to the purchasing entity shall be considered to be the close of the fiscal year of the selling entity. Within 90 days after the date of the transfer of title, the selling entity shall pay to the municipality the amount of reserve, if any, maintained by it pursuant to this section, as well as the excess net profit, if any, payable pursuant to this section.
L.1991,c.431,s.16.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-16.1 - Payment of net profits to municipality; condition

40A:20-16.1. Payment of net profits to municipality; condition
5. The provisions of section 16 of P.L.1991, c.431 (C.40A:20-16) to the contrary notwithstanding, a nonprofit corporation that is the sponsor of a qualified subsidized housing project shall not be required to pay over to the municipality its net profits, if any, for any year in which it is subject to federal requirements concerning residual receipts.
L.1994,c.87,s.5.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-17 - Sale of land to an urban renewal entity

40A:20-17. Sale of land to an urban renewal entity
17. The municipality or any redevelopment entity, authority or other instrumentality thereof, is authorized, by resolution, to make any land owned by it available for use for a project by an urban renewal entity, by private sale, at such prices and upon such terms and conditions as shall be agreed upon by the municipal governing body, redevelopment entity, authority or instrumentality and the urban renewal entity.
L.1991,c.431,s.17.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-18 - Housing project in financial difficulty, financial plan

40A:20-18. Housing project in financial difficulty, financial plan
18. a. If the Local Finance Board has reason to believe that an urban renewal entity which owns a housing project is faced with financial difficulty, the chairman of the Local Finance Board shall summon an appropriate official of the entity to a hearing before the board. The board may require the production of papers, documents, witnesses or information, and may make or cause to be made an audit or investigation of the circumstances with respect to which the hearing was called.
b. If the chairman of the Local Finance Board shall determine that, as a result of mismanagement, mortgage foreclosure, or other fiscal, legal or managerial conduct, a financial emergency exists which requires the municipality to protect the health, safety or welfare of the residents of the housing project, the Local Finance Board shall order the implementation of a financial plan which will ensure the protection of the residents of the housing project. The order shall be deemed conclusive and final, and upon receipt of the order all persons shall be estopped from contesting the order or the provisions thereof, and the urban renewal entity affected thereby shall take action to comply with the order.
c. A financial plan ordered pursuant to this section may stipulate the legal, fiscal, operational or managerial actions to be taken by the entity to correct the circumstances, and may require that the appropriate officer or agency of the Department of Community Affairs shall perform those actions on behalf of the entity or otherwise arrange for performance of those actions. The financial plan may require within the limitations imposed by this act, modifications of the financial agreement entered into with the urban renewal entity by the municipality, notwithstanding the lack of consent by the urban renewal entity to those modifications, if the modifications are approved by the municipal governing body.
L.1991,c.431,s.18.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-19 - Construction of act in place of repealed statutory entities

40A:20-19. Construction of act in place of repealed statutory entities
19. Whenever in any law, the term "urban renewal corporation," "urban renewal association," "nonprofit urban renewal corporation," "limited dividend housing corporation," "limited dividend housing association," "nonprofit housing corporation," "senior citizen nonprofit housing corporation," or similar entity for which the authorizing statute is repealed by this act, appears, that term shall be deemed to refer to an "urban renewal entity" established under this act, and the law in which the term occurs shall be construed with respect to, and in a manner consistent with, this act.
L.1991,c.431,s.19.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-21 - Severability.

40A:20-21 Severability.
14. The provisions of P.L.2003, c.125 (C.40A:12A-4.1 et al.) shall be deemed to be severable, and if any phrase, clause, sentence, word or provision of P.L.2003, c.125 (C.40A:12A-4.1 et al.) is declared to be unconstitutional, invalid or inoperative in whole or in part, or the applicability thereof to any person is held invalid, by a court of competent jurisdiction, the remainder of this act shall not thereby be deemed to be unconstitutional, invalid or inoperative and, to the extent it is not declared unconstitutional, invalid or inoperative, shall be effectuated and enforced.
L.2003,c.125,s.14.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:20-22 - Tax exemptions approved pursuant to C.40A:20-1 et seq. ratified and validated.

40A:20-22 Tax exemptions approved pursuant to C.40A:20-1 et seq. ratified and validated.
15. The terms and conditions of any tax exemption approved pursuant to P.L.1991, c.431 (C.40A:20-1 et seq.) or its predecessor statutes, as the case may be, including any financial agreement, separate agreement or amendment implementing that exemption, are hereby ratified and validated. This ratification and validation shall include, without limitation, the structure and methods used to calculate excess profits and annual service charges, including the limitation of revenue, expenses and total project costs, to those of the urban renewal entity, regardless of any other entity, whether affiliated or unaffiliated, with the urban renewal entity.
L.2003,c.125,s.15.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:21-2 - Findings, purpose

40A:21-2. Findings, purpose
2. The Legislature finds that the various statutes authorized by Article VIII, Section I, paragraph 6 of the New Jersey Constitution permitting municipalities to grant for periods of five years exemptions or abatements, or both, from taxation in areas in need of rehabilitation have proven to be effective in promoting the construction and rehabilitation of residential and commercial and industrial structures in areas threatened with economic and social decline. There exists, however, a need to consolidate and make more coherent the most useful features of those various statutes in order to promote the most effective and coordinated use of the various authorizations afforded to municipalities and to include in-fill construction in a comprehensive strategy of rehabilitation of these areas by permitting exemptions and abatements for construction of new single family and multiple dwellings. It is the purpose of this act to permit municipalities the greatest flexibility possible within the constitutional limitations to address problems of deterioration and decay while preserving the salient features of the existing tax exemption and abatement programs.
L.1991,c.441,s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:21-4 - Municipal ordinance granting exemptions or abatements.

40A:21-4 Municipal ordinance granting exemptions or abatements.
4. The governing body of a municipality may determine to utilize the authority granted under Article VIII, Section I, paragraph 6 of the New Jersey Constitution, and adopt an ordinance setting forth the eligibility or noneligibility of dwellings, multiple dwellings, or commercial and industrial structures, or all of these, for exemptions or abatements, or both, from taxation in areas in need of rehabilitation. The ordinance may differentiate among these types of structures as to whether the property shall be eligible for exemptions or abatements, or both, within the limitations set forth in P.L.1991, c.441 (C.40A:21-1 et seq.). With respect to a type of structure, the ordinance shall specify the eligibility of improvements, conversions, or construction, or all of these, for each type of structure. The ordinance may differentiate for the purposes of determining eligibility pursuant to this section among the various neighborhoods, zones, areas or portions of the designated area in need of rehabilitation.
An ordinance adopted pursuant to this section may be amended from time to time. An amendment to an ordinance shall not affect any exemption, abatement, or tax agreement previously granted and in force prior to the amendment.
Application for exemptions and abatements from taxation may be filed pursuant to an ordinance so adopted to take initial effect in the tax year in which the ordinance is adopted, and for tax years thereafter as set forth in P.L.1991, c.441 (C.40A:21-1 et seq.), but no application for exemptions or abatements shall be filed for exemptions or abatements to take initial effect in the eleventh tax year or any tax year occurring thereafter, unless the ordinance is readopted by the governing body pursuant to this section.
L.1991, c.441, s.4; amended 1992, c.79, s.58; 2007, c.268, s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:21-6 - Limits on exemptions or abatements for multiple dwellings

40A:21-6. Limits on exemptions or abatements for multiple dwellings
6. a. If the ordinance adopted pursuant to this act shall provide for the exemption from taxation of improvements to multiple dwellings, or of conversions of other buildings and structures, including unutilized public buildings, to multiple dwelling use, or both, it shall require that, in determining the value of real property, the municipality shall regard up to the assessor's full and true value of the improvements or conversion alterations as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements or conversion alterations are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements or conversion alterations, unless an abatement is granted pursuant to subsection b. of this section, or there is damage to the multiple dwelling through action of the elements sufficient to warrant a reduction.
b. An ordinance providing for exemption may also provide for the abatement of some portion of the assessed value of property receiving the exemption as it existed immediately prior to the improvement or conversion alteration. An abatement for a multiple dwelling may be granted with respect to that property for a total of up to five years, but the annual amount of the abatement shall not exceed 30% of the total cost of the improvement or conversion alteration, and the total amount of abatements granted to any single property shall not exceed the total cost of the improvement or conversion alteration. The abatement period and the annual percentage of the abatement to be granted shall be set forth in the ordinance, which may include a schedule providing for a different percentage of abatement, up to 30%, for each year of the abatement period.
L.1991,c.441,s.6.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:21-6.1 - Adoption of ordinance granting abatement, exemption from taxation for certain improvements to residential properties.

40A:21-6.1 Adoption of ordinance granting abatement, exemption from taxation for certain improvements to residential properties.
2. A municipality may adopt an ordinance granting an abatement or exemption from taxation for improvements to a residential property resulting from a renovation housing project, as defined under subsection c. of section 14 of P.L.1992, c.79 (C.40A:12A-14) (as amended by section 1 of P.L.2007, c.90). The ordinance shall require that, in determining the value of real property, the municipality shall regard up to and including the assessor's full and true value of the improvements as not increasing the taxable value of the property for a period of five years, notwithstanding that the market value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon immediately prior to the conflagration affecting the value of the property, unless there is damage to the structure through action of the elements sufficient to warrant a reduction. The ordinance may provide for a reduction of the abatement or exemption for each year of the exemption period.
L.2007, c.90, s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:21-6.2 - Tax exemption, abatement for certain housing improvements to accommodate certain disabled persons.

40A:21-6.2 Tax exemption, abatement for certain housing improvements to accommodate certain disabled persons.
2. A municipality may adopt an ordinance granting an abatement or exemption from taxation for improvements to a residential property that is a single family dwelling, resulting from a renovation housing project, as defined under subsection d. of section 14 of P.L.1992, c.79 (C.40A:12A-14). The ordinance shall require that, in determining the value of real property, the municipality shall regard up to and including the assessor's full and true value of the improvements as not increasing the taxable value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon immediately prior to the improvements. The ordinance may provide for a reduction of the abatement or exemption for each year of the exemption period.
L.2007, c.91, s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:21-7 - Limits on exemptions for commercial, industrial structures

40A:21-7. Limits on exemptions for commercial, industrial structures
7. If the ordinance adopted pursuant to this act shall provide for the exemption from taxation of improvements to commercial or industrial structures, it shall require that, in determining the value of real property, the municipality shall regard up to the assessor's full and true value of the improvements as not increasing the value of the property for a period of five years, notwithstanding that the value of the property to which the improvements are made is increased thereby. During the exemption period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the improvements, unless there is damage to the structure through action of the elements sufficient to warrant a reduction.
The ordinance may: a. grant exemptions for all commercial and industrial improvements; b. define categories of improvements which shall be approved by the assessor upon proper application, and other categories of improvements which may be exempted only after review, evaluation and approval by the municipal governing body; or, c. authorize exemption for improvements on an individual basis after review, evaluation and approval of each application by the governing body.
L.1991,c.441,s.7.