reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-5.5 - Occupancy status, information access; shelter operator duties.

55:14K-5.5 Occupancy status, information access; shelter operator duties.
1. The New Jersey Housing and Mortgage Finance Agency shall allow operators of shelters for the homeless and selected local information and referral providers who place persons in the shelters to have access to real-time information about the occupancy status of shelter beds in the State, as collected by the Homeless Management Information System, in order to determine the availability of shelter beds in the community or within a certain geographic area. Shelter operators shall update information in the Homeless Management Information System about the availability of shelter beds not later than one hour after a bed becomes available, or an available bed has been filled.
The provisions of this section shall not apply to shelters for victims of domestic violence.
L.2021, c.440, s.1.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-5.6 - Criteria for receiving funding; compliance.

55:14K-5.6 Criteria for receiving funding; compliance.
2. A shelter for the homeless, except a shelter for victims of domestic violence, which is subject to regulation by the Department of Community Affairs pursuant to N.J.A.C.5:15-1.1 et seq., shall cooperate in providing any necessary information to the database, as determined by the New Jersey Housing and Mortgage Finance Agency, the Department of Community Affairs, and the Department of Human Services, as a condition of being eligible to receive funding for the shelter from the Department of Community Affairs and the Department of Human Services.
L.2021, c.440, s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-6 - Financing of construction, improvement or rehabilitation of housing projects; loans; application; priorities

55:14K-6. Financing of construction, improvement or rehabilitation of housing projects; loans; application; priorities
a. The agency, in order to encourage the development, operation, maintenance, construction, improvement and rehabilitation of safe and adequate housing in the State, is hereby authorized and empowered to finance, by the making of eligible loans or otherwise, the construction, improvement or rehabilitation of housing projects in the State.
b. The agency, in order to carry out the purposes of subsection a. of this section, may:
(1) accept applications for loans;
(2) enter into agreements with housing sponsors for permanent loans and temporary loans or advances in anticipation of permanent loans for the development, operation, maintenance, construction, improvement or rehabilitation of housing projects; and
(3) make permanent loans and temporary loans or advances in anticipation of permanent loans to housing sponsors under the provisions of this act.
c. No application for a loan for the construction, improvement or rehabilitation of a housing project containing rental units to be rented at below market rates to be located in any municipality shall be processed unless there is already filed with the secretary of the agency a certified copy of a resolution adopted by the municipality reciting that there is a need for such housing project in the municipality.
d. Every application for a loan to a housing sponsor shall be made on forms furnished by the agency and shall contain such information as the agency shall require.
e. In considering any application for a loan for a housing project, the agency shall give first priority to applications for loans for the construction, improvement or rehabilitation of housing projects which will be a part of or constructed in connection with an urban redevelopment program, and also shall give consideration to:
(1) the comparative need of the area to be served by the proposed project for housing;
(2) the ability of the applicant to construct, operate, manage and maintain the proposed housing project;
(3) the existence of zoning or other regulations to protect adequately the proposed housing project against detrimental future uses which could cause undue depreciation in the value of the project;
(4) the availability of adequate parks, recreational areas, utilities, schools, transportation and parking;
(5) the availability of adequate, accessible places of employment; and
(6) where applicable, the eligibility of the applicant to make payments to the municipality in which the housing project is located in lieu of local property taxes.
L.1983, c. 530, s. 6, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-7.1 - Shower, bathtub safety rails required in certain senior rental projects.

55:14K-7.1 Shower, bathtub safety rails required in certain senior rental projects.
1. Notwithstanding any law or regulation to the contrary, whenever a rental dwelling unit reserved for occupancy by an adult aged 55 or over is to be newly constructed and such construction is financed, in whole or in part, or through the allocation of low-income federal tax credits by the New Jersey Housing and Mortgage Finance Agency, the agency shall require that each shower or bathtub within the dwelling unit be equipped with safety rails which shall be reachable by a person of average height, in order to assist the person in maneuvering in or out of the shower or bathtub, as the case may be.
L.2003,c.101,s.1.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-7.2 - Powers of agency as condition of loan, grant, investment for special needs housing projects.

55:14K-7.2 Powers of agency as condition of loan, grant, investment for special needs housing projects.
2. As a condition of any loan, grant or other investment by the agency pursuant to P.L.2005, c.163 (C.34:1B-21.25a et al.), the agency shall have the power at all times during the construction, improvement, rehabilitation or operation of a special needs housing project:
a. To enter upon and inspect without prior notice any special needs housing project, including all parts thereof, for the purpose of investigating the physical and financial condition thereof, and its construction, improvement, rehabilitation, operation, management and maintenance, and to examine all books and records with respect to capitalization, income and other matters relating thereto and to make such charges as may be required to cover the cost of such inspections and examinations;
b. To order such alterations, changes or repairs as may be necessary to protect the security of its investment in a special needs housing project or the health, safety, and welfare of the occupants thereof;
c. To order any project sponsor to do such acts as may be necessary to comply with the provisions of all applicable laws or ordinances or any rule or regulation of the agency or the terms of any agreement concerning the special needs housing project or to refrain from doing any acts in violation thereof and in this regard the agency shall be a proper party to file a complaint and to prosecute thereon for any violations of laws or ordinances as set forth herein;
d. To require the adoption and continuous use of uniform systems of accounts and records for a special needs housing project and to require all project sponsors to file annual reports containing that information and verified in such manner as the agency shall require, and to file at the times and on the forms as it may prescribe, reports and answers to specific inquiries required by the agency to determine the extent of compliance with any agreement, the terms of the loan, the provisions of P.L.2005, c.163 (C.34:1B-21.25a et al.) and any other applicable law; and
e. To enforce, by court action if necessary, the terms and provisions of any agreement between the agency and the project sponsor.
L.2005,c.163,s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-7.3 - Tenants forum; State-subsidized rental housing, complaints.

55:14K-7.3 Tenants forum; State-subsidized rental housing, complaints.
1. a. The agency shall require every manager of rental housing which has been financed, in whole or in part, by the agency or any other State entity, to arrange meetings, to be held at least once every three months, with notification to tenants residing in such housing in order to provide a forum for the tenants to discuss complaints that the tenants may have concerning the rental housing. For the purposes of this section, "rental housing" means a multiple dwelling as defined in section 3 of P.L.1967, c.76 (C.55:13A-3).
b. Each meeting shall take place on the site of the rental housing at a time convenient for the tenants, although if the property has no suitable facility to accommodate the attendees, the meeting shall take place at a suitable nearby facility which is open to the public, such as a public library.
c. The tenants of a building, by a majority vote, may waive the holding of any meeting required pursuant to this section.
This section shall not apply to any property which is owned by a public housing authority, other than the Department of Community Affairs when acting as a public housing authority.
L.2007,c.8.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-9 - Housing sponsors; action or proceeding by agency to enforce rights; appointment of receiver; reorganizations

55:14K-9. Housing sponsors; action or proceeding by agency to enforce rights; appointment of receiver; reorganizations
a. The agency may institute any action or proceeding against any housing sponsor receiving a loan under the provisions hereof, or owning any housing project hereunder in any court of competent jurisdiction in order to enforce the provisions of this act, or to foreclose its mortgage, or to protect the public interest, the tenants, the stockholders or creditors of the sponsor. In connection with any such action or proceeding it may apply for the appointment of a receiver to take over, manage, operate and maintain the affairs of the housing sponsor, and the agency, through the agent as it shall designate, is authorized to accept appointment as receiver of the sponsor when so appointed by a court of competent jurisdiction.
b. The reorganization of any housing sponsor shall be subject to the supervision and control of the agency, and no reorganization shall be had without the consent of the agency. Upon a reorganization, the amount of capitalization, including stocks, income debentures and bonds and other evidences of indebtedness, shall be as authorized by the agency, but not in excess of the fair value of the property received.
L.1983, c. 530, s. 9, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-10 - Foreclosure action; parties defendant; entry of judgment; conditions; orders; qualification of buyers; other judgments; notices prior to sale

55:14K-10. Foreclosure action; parties defendant; entry of judgment; conditions; orders; qualification of buyers; other judgments; notices prior to sale
a. In any foreclosure action involving a housing sponsor other than a foreclosure action instituted by the agency, the agency and the municipality in which any tax exemption or abatement is provided to the housing sponsor shall, in addition to other necessary parties, be made parties defendant. The agency and the municipality shall take all steps in the action necessary to protect the interest of the public therein, and no costs shall be awarded against the agency or the municipality.
b. Subject to the terms of any applicable loan agreement, contract or other instrument entered into or obtained pursuant to subsection a. of section 7 of this act, judgment of foreclosure in accordance with this section shall not be entered unless the court to which application therefor is made shall be satisfied that the interest of the lienholder or holders cannot be adequately secured or safeguarded except by the sale of the property; and in the proceeding the court shall be authorized to make an order increasing the rental or carrying charges to be charged for the housing accommodations in the housing project involved in the foreclosure, or appoint a member of the agency or any officer of the municipality in which any tax exemption or abatement with respect to the project is provided, as a receiver of the property, or grant such other and further relief as may be reasonable and proper; and in the event of a foreclosure or other judicial sale, the property shall be sold only to a housing sponsor which will manage, operate and maintain the project subject to the provisions of this act, unless the court finds that the interest and principal on the obligations secured by the lien which is the subject of foreclosure cannot be earned under the limitations imposed by the provisions of this act and that the proceeding was brought in good faith, in which event the property may be sold free of limitations imposed by this act or subject to such limitations as the court may deem advisable to protect the public interest.
c. In the event of a judgment against any housing sponsor in any action not pertaining to the foreclosure of a mortgage, there shall be no sale of any of the real property included in any housing project hereunder of the housing sponsor except upon 120 days' written notice to the agency. Upon receipt of the notice the agency shall take those steps as in its judgment may be necessary to protect the rights of all parties.
L.1983, c. 530, s. 10, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-14 - Boarding house rental assistance fund

55:14K-14. Boarding house rental assistance fund
There is hereby established in the Department of Community Affairs a fund to be known as the "Boarding House Rental Assistance Fund." The fund shall be under the control of the Commissioner of the Department of Community Affairs. The fund shall be maintained by the Department of the Treasury and may be invested by the Division of Investment in the Department of the Treasury in investments in which other State funds may be invested. There shall be deposited in the fund all moneys appropriated thereto by the Legislature and any other moneys made available for the purposes for which the fund is established. The fund is established for the purposes of (i) providing rental assistance to residents of boarding houses in need of assistance to meet the rental payments at the boarding houses in which they reside necessitated by the construction, acquisition or rendering of life safety improvements at or to the boarding houses with the proceeds of the life safety improvement loans made by the agency, (ii) providing a source of repayment for such life safety improvement loans, and (iii) subject to the approval of the treasurer, paying the cost to the Department of Community Affairs of discharging its obligations under sections 13 through 17 of this act. If needed to meet on a timely basis that part of the rental obligations of residents of boarding houses attributable to debt service (including fees and charges payable to the agency) on life safety improvement loans made by the agency to finance the construction, acquisition or rendering of life safety improvements at said boarding houses, the commissioner shall disburse from the fund to or on behalf of the residents of the boarding houses the amount of money which, together with amounts already disbursed and to be disbursed, will be sufficient to meet on a timely basis that part of the rental obligations of the residents of the boarding houses. If for any reason rental assistance payments made on behalf of residents are not sufficient to meet the debt service payments on the life safety improvement loans, then the commissioner shall disburse from the fund such amounts as are necessary to meet the debt service payments; or, upon the request of the agency, the commissioner shall disburse such amounts as are necessary to fully pay the life safety improvement loan and all related costs.
L.1983, c. 530, s. 14, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-15 - Rental assistance agreements

55:14K-15. Rental assistance agreements
In furtherance of the purposes of sections 13 through 17 of this act, the Commissioner of the Department of Community Affairs is authorized to enter into rental assistance agreements with boarding house owners providing for the payment of rental assistance to or on behalf of the residents of the boarding houses in respect of that part of their rent that is attributable to debt service on life safety improvement loans, as determined by the agency. Rental assistance agreements may permit or require the commissioner to make (i) rental assistance payments on behalf of boarding house residents directly to the agency or (ii) direct payments to the agency in satisfaction of the boarding house owners' payment obligations on life safety improvement loans. As a condition to the payment of rental assistance, rental assistance agreements shall require that the boarding house owner remit to the commissioner for return to the Boarding House Rental Assistance Fund an amount equal to any rental assistance payment made by the commissioner to or on behalf of a resident of the boarding house who, were such resident a family as defined in subsection f. of section 3 of this act, would not have constituted a family qualified for admission to housing projects under section 8 of this act, at any time during the period covered by the rental assistance payment but the agency may establish a lower income standard for residents of boarding houses which would require remittance to the commissioner by the owners of boarding houses of rental assistance payments formerly made by the commissioner to or on behalf of residents with incomes above that income standard.
L.1983, c. 530, s. 15, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-16 - Boarding house rental assistance fund annual report

55:14K-16. Boarding house rental assistance fund annual report
On or before December 1 of each year, the Commissioner of the Department of Community Affairs shall submit to the Governor and the State Treasurer a Boarding House Rental Assistance Fund Annual Report which shall include the following: (i) a summary of the activities and transactions of the Boarding House Rental Assistance Fund during the preceding fiscal year; (ii) an estimate of the amount of rental charges which will be made during the ensuing 12 months by the residents of boarding houses on account of the debt service (including fees and charges payable to the agency) on life safety improvement loans made by the agency to finance the construction, acquisition or rendering of life safety improvements at or to the boarding houses, together with a brief description of each of the boarding house's life safety improvement loans and life safety improvements and a summary of various characteristics of the residents of the boarding houses, including their ages, disabilities, if any, and income levels; (iii) a statement as to the maximum amount of debt service payable in any one year on all outstanding obligations of the agency issued with respect to life safety improvement loans; and (iv) an estimate of, and request for, the amount of money in addition to the then current balance of the Boarding House Rental Assistance Fund which will be needed in the ensuing fiscal year to meet the disbursements from the fund which the commissioner anticipates will be made in furtherance of the purposes of the fund and in satisfaction of the commissioner's obligations under rental assistance agreements.
L.1983, c. 530, s. 16, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-19 - New Jersey housing development corporation

55:14K-19. New Jersey housing development corporation
a. In order to carry out the purposes and provisions of this act, there is hereby chartered in, but not of, the agency the New Jersey Housing Development Corporation.
b. The corporation shall be organized, managed and operated as an entity distinct from the agency, except that members and employees of the agency may be officers and directors of the corporation; but it shall be empowered to act as agent of the agency under contractual agreements relating to matters set forth in subsection c. of this section.
c. The corporation may issue its stock and employ the proceeds of such sales:
(1) To purchase residential structures in need of rehabilitation and rehabilitate them for purposes of resale, including resale under lease-purchase agreements.
(2) To contract for the construction of new residential structures and to assume ownership of the same for the purposes of resale, including lease-purchase agreements.
(3) To co-venture with other public or private agencies or corporations as an investor in major rehabilitation or construction projects of the types described in paragraphs (1) and (2) of this subsection.
d. The agency is directed to complete the organization of the corporation unless the members of the agency vote not to so organize and so advise the Governor and the Legislature.
L.1983, c. 530, s. 19, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-23 - Pledges of income, revenues or other property

55:14K-23. Pledges of income, revenues or other property
Any pledge made by the agency of income, revenues or other property shall be valid and binding from the time the pledge is made. The income, revenue or other property so pledged by the agency shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the agency, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be filed or recorded except in the records of the agency.
L.1983, c. 530, s. 23, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-24 - Allocation of state ceiling on aggregate amount of qualified mortgage bonds under I.R.C. s. 103A(g) to agency

55:14K-24. Allocation of state ceiling on aggregate amount of qualified mortgage bonds under I.R.C. s. 103A(g) to agency
For purposes of subsection (g) of section 103A of the federal Internal Revenue Code of 1954, as amended, the State ceiling on the aggregate amount of qualified mortgage bonds which may be issued in the State shall be allocated 100% to the agency.
L.1983, c. 530, s. 24, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-25 - Reservation of funds for use in municipalities eligible for state aid for services and to offset property taxes

55:14K-25. Reservation of funds for use in municipalities eligible for state aid for services and to offset property taxes
At least 25% of the funds made available by the agency for the acquisition, operation, construction, rehabilitation, conversion, improvement or ownership of residential properties of from one to four, or from five to 12, dwelling units shall be reserved for use in municipalities which qualify for State aid under P.L.1978, c. 14 (C. 52:27D-178 et seq.). The period of reservation shall be established by the agency at its discretion, but shall not be less than four months. The period may be extended at the agency's discretion, with or without adjusting the amount of funds so reserved.
L.1983, c. 530, s. 25, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-26 - Inclusion of interest on bonds in gross income for purposes of federal income tax

55:14K-26. Inclusion of interest on bonds in gross income for purposes of federal income tax
The agency may consent, at or prior to the time of issuance of any issue of its bonds, to the inclusion of interest on such bonds in the gross income of holders of such bonds under the federal Internal Revenue Code of 1954, as amended, or any subsequent federal law, to the same extent and in the same manner as the interest on bills, notes, bonds and other obligations of the United States is includible in the gross income of the holders thereof under the federal Internal Revenue Code of 1954, as amended, or any subsequent federal law. Nothing contained in this act shall be construed to waive or to authorize the agency to waive any other exemption, privilege or immunity of the State or to consent or to authorize the agency to consent to the application of any other provision of any other laws, federal or State, to the agency or to its bonds, which would not otherwise be so applicable.
L.1983, c. 530, s. 26, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-27 - No personal liability on bonds

55:14K-27. No personal liability on bonds
Neither the members of the agency nor any person executing bonds issued pursuant to this act shall be liable personally on such bonds by reason of the issuance thereof.
L.1983, c. 530, s. 27, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-28 - Purchase of bonds of agency by agency

55:14K-28. Purchase of bonds of agency by agency
The agency shall have power to purchase bonds of the agency out of any funds available therefor. The agency may hold, cancel or resell such bonds subject to and in accordance with agreements with holders of its bonds.
L.1983, c. 530, s. 28, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-30 - Housing development fund

55:14K-30. Housing development fund
a. The agency shall establish and maintain a Housing Development Fund which shall consist of all moneys appropriated by the State for inclusion therein, notwithstanding any inconsistent provisions of this or of any other law, any moneys which the agency shall receive in repayment of advances from the fund, and any other moneys available to the agency which it determines to utilize for this purpose.
b. The agency is hereby authorized to use the money held in the Housing Development Fund to make noninterest bearing advances to housing sponsors who are corporations or associations organized not for profit or for mutual housing to defray development costs for housing projects. No such advance shall be made unless it is reasonably anticipated by the agency that an eligible mortgage loan will be obtained for the housing project and the not for profit or mutual housing sponsor enters into an agreement with the agency to be regulated with respect to those matters provided in paragraphs (5) and (6) of subsection a. of section 7 of this act.
c. Each advance shall be repaid in full concurrent with the receipt by the not for profit or mutual housing sponsor of the proceeds of the eligible mortgage loan, unless the agency shall extend the period for the repayment of such advance, but no such extension shall be granted beyond the date of final payment under the eligible mortgage loan.
d. If the agency determines at any time that an eligible mortgage loan may not be obtained from the agency, the advance shall become immediately due and payable and shall be paid from any assets of the housing project. To the extent that repayment cannot be made from the assets of the housing project, the advance shall be treated as a grant.
e. The term "development cost" , as used in this section, means the amount approved by the agency as an appropriate expenditure which may be incurred prior to the first advance on an eligible mortgage loan, including but not limited to (1) payments for options, deposits or contracts to purchase properties on the proposed housing project site or, with the prior approval of the agency, payments for the purchase of such properties; (2) legal and organizational expenses, including attorney's fees and salaries, office rent and other incidental expenses for a project manager and clerical staff; (3) fees for preliminary feasibility studies, planning advances, borings, surveys, engineering and architectural work; (4) expenses for tenant surveys and market analyses; and (5) such other expenses as the agency may deem appropriate to effectuate the purpose of this section.
f. The term "eligible mortgage loan" , as used in this section, means a below-market interest rate mortgage loan insured by the Secretary of the Department of Housing and Urban Development, or a mortgage loan insured by the Secretary of the Department of Housing and Urban Development and augmented by a program of rent supplements, or an eligible loan made by the agency.
L.1983, c. 530, s. 30, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-31 - General fund of agency

55:14K-31. General fund of agency
a. The agency shall establish and maintain a fund called the "General Fund" which shall consist of all moneys of the agency not required to be deposited in any other fund of the agency, which the agency may deposit therein. To the extent available, after paying all the operating costs of the agency, the moneys remaining in the General Fund may be used for the payment of the principal of and interest on the bonds issued by the agency or for such other corporate purposes of the agency as this act authorizes.
b. The agency may establish such additional and further funds as may be necessary and desirable to accomplish any agency purpose or to comply with the provisions of any agreement made by the agency or any resolution approved by the agency. The resolution establishing such a fund shall specify the source of moneys from which it shall be funded and the purposes for which moneys held in the fund shall be disbursed.
L.1983, c. 530, s. 31, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-32 - Pledge, covenant and agreement of state with bondholders

55:14K-32. Pledge, covenant and agreement of state with bondholders
The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds issued pursuant to the authority of this act that the State will not limit, restrict or alter the rights or powers hereby vested in the agency to perform and fulfill the terms of any agreement made with the holders of such bonds, or in any way impair the rights or remedies of such holders until such bonds, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or in behalf of such holders, are fully met, paid and discharged. The agency may include this pledge and agreement of the State in any agreement with the holders of bonds issued by the agency.
L.1983, c. 530, s. 32, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-33 - Bonds as legal investment

55:14K-33. Bonds as legal investment
Notwithstanding any restriction contained in any other law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking or investment business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds issued pursuant to this act, and such bonds shall be authorized security for any and all public deposits.
L.1983, c. 530, s. 33, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-34 - Tax exemptions

55:14K-34. Tax exemptions
a. All property of the agency is hereby declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof. All bonds issued pursuant to this act are hereby declared to be issued by a body corporate and politic of this State and for an essential public and governmental purpose and such bonds, and the interest thereon and the income therefrom, and all fees, charges, funds, revenues, income and other moneys pledged or available to pay or secure the payment of such bonds, or interest thereon, shall at all times be exempt from taxation, except for transfer inheritance and estate taxes.
b. The sale to a housing sponsor of all materials and supplies to be used to construct, improve or rehabilitate a housing project financed by a loan made by the agency to the housing sponsor shall be exempt from all sales taxes of the State or any subdivision thereof.
L.1983, c. 530, s. 34, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-35 - Exemption of property from levy and sale by execution, judicial process or charge or lien of judgment

55:14K-35. Exemption of property from levy and sale by execution, judicial process or charge or lien of judgment
All property of the agency, except as otherwise provided herein, shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against the agency be a charge or lien upon its property; except that nothing herein contained shall apply to or limit the rights of the holder of any bonds to pursue any remedy for the enforcement of any pledge or lien given by the agency on its revenues or other moneys.
L.1983, c. 530, s. 35, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-36 - Insurance or guarantee of payment of interest or principal of loans or bonds; obtaining from federal department or agency or other person

55:14K-36. Insurance or guarantee of payment of interest or principal of loans or bonds; obtaining from federal department or agency or other person
a. The agency may obtain, or aid in obtaining, from any department or agency of the United States or any other person any insurance or guarantee as to, or of or for the payment or repayment of interest or principal, or both, or any part thereof, on any loan or any instrument evidencing or securing the same, made or entered into pursuant to the provisions of this act; and notwithstanding any other provisions of this act enter into any agreement, contract or any other instrument whatsoever with respect to any such insurance or guarantee, and accept payment in such manner and form as provided therein in the event of the default by the borrower.
b. The agency may obtain from any department or agency of the United States or any other person any insurance or guarantee as to, or of or for the payment or repayment of, interest or principal, or both, or any part thereof, on any bonds issued by the agency pursuant to the provisions of this act; and notwithstanding any other provisions of this act enter into any agreement, contract or any other instrument whatsoever with respect to any such insurance or guarantee except to the extent that such action would in any way impair or interfere with the agency's ability to perform and fulfill the terms of any agreement made with the holders of the bonds of the agency.
L.1983, c. 530, s. 36, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-37 - Intent relative to enforcement.

55:14K-37 Intent relative to enforcement.
37. a. It is the intent of the Legislature that in the event of any conflict or inconsistency in the provisions of this act and any other acts concerning housing sponsors or any rules and regulations adopted thereunder, to the extent of such conflict or inconsistency, the provisions of this act shall be enforced and the provisions of such other acts and rules and regulations adopted thereunder shall be of no effect.
b. The governing body of any municipality in which a housing project financed or to be financed by the agency is or is to be located may by ordinance or resolution, as appropriate, provide that such project shall be exempt from real property taxation, if the housing sponsor enters into an agreement with the municipality for payments to the municipality in lieu of taxes for municipal services. Any such agreement may require the housing sponsor to pay to the municipality an amount up to 20 percent of the annual gross revenue from each housing project situated on such real property for each year of operation thereof following the substantial completion thereof. For the purpose of this section, "annual gross revenue" means the total annual gross rental or carrying charge and other income of a housing sponsor from a housing project. If any such agreement is entered into from the date of recording the mortgage on the project to the date of substantial completion of the project, the annual amount payable to the municipality as taxes or as payments in lieu of taxes in respect of the project site shall not be in excess of the amount of taxes on the project site for the year preceding the recording of the mortgage. Any agreement between any housing sponsor and a municipality pursuant to this subsection shall be submitted to the agency for review in order to avoid duplicating, overlapping or inconsistent regulations or provisions. Any exemption from taxation pursuant to the provisions of this section shall not extend beyond the date on which the eligible loan made by the agency on the project is paid in full.
c. Notwithstanding the provisions of subsection b. of this section to the contrary, the governing body of a municipality may agree to continue a tax exemption for a State or federally subsidized housing project, beyond the date on which the eligible loan made by the agency on the project is fully paid, so long as the project remains subject to affordability controls pursuant to:
(1) project-based federal rental assistance, authorized pursuant to section 8 of the United States Housing Act of 1937 (42 U.S.C. s.1437f), or other federal or State project-based assistance;
(2) the Uniform Housing Affordability Controls promulgated by the New Jersey Housing and Mortgage Finance Agency; or
(3) the rent and income limits established by the federal Low Income Housing Tax Credit program pursuant to section 42 of the Internal Revenue Code (26 U.S.C. s.42).
L.1983, c.530, s.37; amended 2019, c.297, s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-38 - Violations; penalty

55:14K-38. Violations; penalty
Any person who attempts to or obtains an eligible loan hereunder or occupancy or continued occupancy of a dwelling unit financed by an eligible loan by false or misleading information or who violates this act or who by fraud attempts to obtain moneys from the agency or its approval for the payment of moneys or fraudulently attempts to or prevents the collection of any moneys due to the agency is, for each offense, guilty of a crime of the third degree.
L.1983, c. 530, s. 38, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-39 - Conflicts of interest; violations; penalties

55:14K-39. Conflicts of interest; violations; penalties
a. No member, officer or employee of the agency shall have or attempt to have, for purposes of personal gain, directly or indirectly, any interest:
(1) In any contract or agreement of the agency;
(2) In the sale or purchase of any property by the agency;
(3) In any eligible loan, loan to institutional lender or application therefor;
(4) In any housing project constructed, improved, rehabilitated or operated, or to be constructed, improved, rehabilitated or operated under the provisions of this act; or
(5) In any boarding house at which or to which a life safety improvement is or is to be constructed, acquired or rendered with moneys provided by a life safety improvement loan from the agency;
but this section shall not be construed to prohibit a member, officer or employee of the agency from being the borrower on a loan purchased by the agency made to provide financing for a single family dwelling which is the primary residence of the borrower, and the agency shall adopt a policy governing the eligibility of agency members, officers and employees for such loans.
b. Any member, officer or employee of the agency who violates the provisions of this section is guilty of a crime of the fourth degree. Any such person shall be barred from public employment in this State in any capacity whatsoever for a period of five years from the date he was adjudged guilty.
L.1983, c. 530, s. 39, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-40 - Annual report and audit of agency

55:14K-40. Annual report and audit of agency
On or before the last day of March in each year, the agency shall make an annual report of its activities for the preceding calendar year to the Governor and to the Legislature. Each report shall set forth a complete operating and financial statement covering its operations during the year. The agency shall cause an audit of its books and accounts to be made at least once in each year by certified public accountants and the cost thereof shall be considered an expense of the agency and a copy thereof shall be filed with the State Treasurer.
L.1983, c. 530, s. 40, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-41 - Agency financial strategy; biannual revision; annual review of housing program content

55:14K-41. Agency financial strategy; biannual revision; annual review of housing program content
a. The agency shall develop and revise every two years an agency financial strategy. This strategy shall be submitted to the presiding officer of each House of the Legislature and to the Senate County and Municipal Government Committee and the General Assembly Housing and Urban Policy Committee, or their successors.
b. The strategy shall include, but need not be limited to:
(1) An inventory and description of the housing stock in New Jersey based on currently available data;
(2) An estimate of the housing needs;
(3) An estimate of the cost of construction, improvement, repair or rehabilitation of housing to meet those needs;
(4) Estimates of resources available to meet those needs;
(5) A list of the agency's priorities in meeting the housing needs of the residents of the State; and
(6) An estimate of the extent and nature of the agency's financial participation in housing projects for the next two years.
c. The agency shall annually review the housing program content of its actions in light of the powers granted in this act and of the goals and priorities established in its financing strategy.
L.1983, c. 530, s. 41, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-42 - Wage rate of workmen employed by qualified housing sponsors; determination

55:14K-42. Wage rate of workmen employed by qualified housing sponsors; determination
Each qualified housing sponsor granted a loan from the agency, or any builder, contractor or subcontractor engaged by the qualified housing sponsor for the construction or rehabilitation of any housing project, shall pay the workmen employed in the performance of any contract for such construction or rehabilitation not less than the prevailing wage rate. The prevailing wage rate shall be determined by the Commissioner of the New Jersey Department of Labor in all cases, except that the prevailing rate shall be determined by the Secretary of the United States Department of Labor in accordance with the Davis-Bacon Act as amended (40 U.S.C. 276a to 276a-5), when the loan from the agency for the construction or rehabilitation of a housing project or the tenants of the housing project is the subject of direct or indirect federal assistance other than the federal tax exemption of the interest paid on the agency obligations.
The Commissioner of Labor is authorized to, and shall, determine the prevailing wage rate and shall establish the prevailing wage in the locality in which the construction or rehabilitation of any housing project is to be performed for each craft or trade or classification of all workmen employed in the performance of such construction or rehabilitation, as if such construction or rehabilitation were "public work" within the meaning of P. L. 1963, c. 150 (34:11-56.25 et seq.). For the purpose of carrying out the provisions of this section, the Commissioner of Labor and any workmen employed in the performance of any contract for the construction or rehabilitation of any housing project, shall have and may exercise or perform any right, power or duty granted or imposed upon them by P.L.1963, c. 150.
L.1983, c. 530, s. 42, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-43 - Services to agency by state units or officers; payment of costs and expenses

55:14K-43. Services to agency by state units or officers; payment of costs and expenses
All officers, departments, boards, agencies, divisions and commissions of the State are hereby authorized and empowered to render any services to the agency as may be within the area of their respective governmental functions as fixed or established by law, and as may be requested by the agency. The cost and expense of any such services shall be met and provided for by the agency.
L.1983, c. 530, s. 43, eff. Jan. 17, 1984.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-44 - Discrimination; prohibition; violations; penalty

55:14K-44. Discrimination; prohibition; violations; penalty
No person shall be discriminated against because of race, religious principles, color, national origin or ancestry by the agency, any housing sponsor, any institutional lender, or any loan originator or any agent or employee thereof in connection with any housing project or eligible loan. No person shall be discriminated against because of age in admission to, or continuance of occupancy in, any housing project receiving assistance under this act except for any housing project constructed under a governmental program restricting occupancy of at least 90% of the dwelling units to persons 62 years of age or older and any members of their immediate households or their occupant surviving spouses, or constructed as a retirement subdivision or retirement community as defined in the "Retirement Community Full Disclosure Act," P.L.1968, c. 215 (C. 45:22A-1 et seq.). Any person who violates the provisions of this section is a disorderly person.
L.1983, c. 530, s. 44, eff. Jan. 17, 1984.