reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-91 - Execution of lease-purchase agreement.

55:14K-91 Execution of lease-purchase agreement.
11. A sponsor who receives monies from the fund and the homeowner shall execute a lease-purchase agreement, not to exceed a term of 36 months, that includes the following:
a. The terms and conditions under which the sponsor shall convey the property to the homeowner or other member of the household upon termination of the use and occupancy period;
b. Provisions permitting the homeowner and other members of the household to remain in the property during the use and occupancy period in exchange for an affordable rent; and
c. A provision that the property will be sold back to the homeowner or to another member of the household at a price not to exceed the price at which the sponsor purchased the property plus reasonable sponsor maintenance costs.
L.2008, c.127, s.11.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-92 - Notification relative to noncompliance of sponsor.

55:14K-92 Notification relative to noncompliance of sponsor.
12. The Department of Community Affairs shall notify the agency in the event a sponsor fails to maintain compliance with the department's certification process.
L.2008, c.127, s.12.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-93 - Rules, regulations.

55:14K-93 Rules, regulations.
13. The commissioner and the agency are authorized to promulgate rules and regulations, pursuant to the provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), to effectuate this program.
L.2008, c.127, s.13.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-95 - Findings, declarations relative to foreclosure prevention.

55:14K-95 Findings, declarations relative to foreclosure prevention.
2. The Legislature finds and declares that:
a. New Jersey experienced heightened foreclosure rates during the Great Recession beginning in 2008 and continuing for the ensuing decade, only returning to pre-recession rates of foreclosure in 2019.
b. New Jersey is currently suffering through the COVID-19 pandemic, with more than 1.6 million New Jersey residents seeking unemployment benefits due to job loss, furlough, or hour reductions.
c. Homeowners in New Jersey have suffered enormous negative economic impacts due to the COVID-19 pandemic, resulting in increased housing insecurity. During each month from April 2020 through August 2020, the number of New Jersey households that deferred or did not pay their mortgages exceeded 160,000;
d. Given New Jersey's susceptibility to prolonged periods of elevated rates of foreclosure, as evidenced by the long-term impact of the Great Recession, the Legislature hereby determines and declares that there is a need to provide alternative foreclosure mitigation measures.
L.2021, c.34, s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-96 - Definitions relative to foreclosure prevention.

55:14K-96 Definitions relative to foreclosure prevention.
3. As used in P.L.2021, c.34 (C.55:14K-94 et al.):
"Agency" means the New Jersey Housing and Mortgage Finance Agency established pursuant to section 4 of P.L.1983, c.530 (C.55:14K-4).
"Community development corporation" means a nonprofit community development corporation established pursuant to Title 15 or 15A of the Revised Statutes of New Jersey, or other law of this State, with a focus on producing and operating affordable housing or housing with on-site social services for individuals with special needs.
"Community development financial institution" means an entity designated and certified by the United States Department of the Treasury as a Community Development Financial Institution pursuant to 12 CFR Part 1805.
"Foreclosure intervention contractor" or "contractor" means a community development financial institution or other non-profit entity with experience conducting dwelling rehabilitation, mortgage servicing and underwriting, financing and acquisition of real estate for affordable housing, or community development work that enters into a contract or loan with the agency pursuant to section 5 of P.L.1983, c.530 (C.55:14K-5).
"Eligible property" means any residential property or mortgage note that is owned by an institutional lender as the result of a mortgage foreclosure judgment or a deed in lieu of foreclosure, is owned by a municipality as the result of a tax foreclosure judgment or is subject to a nonperforming loan from an institutional lender.
"Fund" means the Foreclosure Intervention Fund, established pursuant to section 6 of P.L.2021, c.34 (C.55:14K-99).
"Institutional lender" or "lender" means any lawfully constituted mortgage lender, mortgage investor, or mortgage loan servicer that owns an eligible property, including, but not limited to, any agency or instrumentality of the United States or the State, including, but not limited to, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Federal Housing Administration, the Small Business Administration, the Resolution Funding Corporation, and the Federal Deposit Insurance Corporation.
"Program" means the "New Jersey Residential Foreclosure Intervention Program," initially established as the "New Jersey Residential Foreclosure Prevention Program" pursuant to section 4 of P.L.2021, c.34 (C.55:14K-97), and amended pursuant to P.L.2023, c.76 (C.55:14K-102 et al.).
"Rehabilitation" means the repair, reconstruction, or renovation of the interior or exterior of a residential dwelling which renders the dwelling safe, sanitary, and decent for residential purposes.
"Vacant and abandoned" means the same as the term is defined under subsections a. and b. of section 1 of P.L.2012, c.70 (C.2A:50-73).
L.2021, c.34, s.3; amended by 2023, c.76, s.1.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-97 - "New Jersey Residential Foreclosure Prevention Program."

55:14K-97 "New Jersey Residential Foreclosure Prevention Program."
4. a. There is established in the agency the "New Jersey Residential Foreclosure Intervention Program," which shall be subject to the powers of the agency, as designated pursuant to section 5 of P.L.1983, c.530 (C.55:14K-5). The goals of the program are to ensure that:
(1) loss mitigation and foreclosure prevention measures are taken on eligible properties; and
(2) eligible properties that are vacant and abandoned are purchased and rehabilitated.
b. The agency in furtherance of the program may enter into contracts with any person, corporation, or entity which the agency determines to be necessary or appropriate to carry out its responsibilities under P.L.2021, c.34 (C.55:14K-94 et al.). Such contracts shall be subject to the procedures adopted pursuant to section 5 of P.L.2021, c.34 (C.55:14K-98). All contracts entered into in furtherance of the program shall be governed by the laws of the State and shall provide for indemnification of the agency.
c. In carrying out the agency's duties under P.L.2021, c.34 (C.55:14K-94 et al.), the agency may employ the consulting services of real estate and loan portfolio asset management firms, property management firms, auction marketing firms, brokerage services firms, appraisers, and such other consultants and employees required in the judgment of the agency, notwithstanding the provisions of Title 11A of the New Jersey Statutes.
d. Within 180 days following the enactment of P.L.2021, c.34 (C.55:14K-94 et al.), the agency shall adopt a funding plan for the program utilizing the Foreclosure Intervention Fund established pursuant to section 6 of P.L.2021, c.34 (C.55:14K-99). The agency may directly fund the program through revenue generated by the Foreclosure Intervention Fund. The agency shall have the authority to alter its funding plan as the Executive Director of the agency deems necessary. The funding plan shall include, but not be limited to, program revenue, expected expenditures and projections for the acquisition of foreclosed residential properties or mortgage assets.
e. Within 180 days following the enactment of P.L.2023, c.76 (C.55:14K-102 et al.), the agency shall amend the funding plan for the program to incorporate new programmatic elements established pursuant to P.L.2023, c.76 (C.55:14K-102 et al.). The funding plan shall include, but not be limited to, program revenue, expected expenditures and projections for the acquisition and rehabilitation of vacant and abandoned eligible properties or mortgage assets.
f. Either directly, or through its foreclosure intervention contractors, the agency may, pursuant to section 5 of P.L.2021, c.34 (C.55:14K-98), purchase eligible properties and mortgage assets in furtherance of the goals described in subsection a. of this section.
L.2021, c.34, s.4; amended by 2023, c.76, s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-98 - Entry into contracts, loans.

55:14K-98 Entry into contracts, loans.
5. a. (1) The agency may enter into contracts or loans, or both, with one or more foreclosure intervention contractors to negotiate, bid for, and purchase eligible properties and mortgage assets for the purpose of facilitating the program. In selecting foreclosure intervention contractors, the agency shall accord a strong preference to entities that have substantial experience in and substantial knowledge of the State's real estate markets.
(2) Should the agency contract with a foreclosure intervention contractor for the purposes of section 5 of P.L.2021, c.34 (C.55:14K-98), the contract shall specify the amounts, schedules, and types of funding to be provided by the agency to the foreclosure intervention contractor, the repayment schedule for the portion of that funding to be repaid, and targeted goals for homeowner interventions. The agency may condition funding and goals upon the availability of funds to the program. The contract shall specify reasonable administrative costs sufficient to enable the foreclosure intervention contractor to exercise its obligations pursuant to P.L.2021, c.34 (C.55:14K-94 et al.). The contract shall set forth criteria for instances when the purchase, sale, lease, and conveyance of properties furthers the purposes of P.L.2021, c.34 (C.55:14K-94 et al.).
b. All purchases, sales, leases, and conveyances of property by foreclosure intervention contractors exercised pursuant to this section shall be deemed to lessen the burdens of government in furthering the purposes of P.L.2021, c.34 (C.55:14K-94 et al.).
L.2021, c.34, s.5; amended by 2023, c.76, s.3.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-99 - Foreclosure Intervention Fund.

55:14K-99 Foreclosure Intervention Fund.
6. a. There is established within the agency a Foreclosure Intervention Fund, which shall be a non-lapsing, revolving fund and which shall be the repository for funds appropriated or otherwise made available for the purposes of P.L.2021, c.34 (C.55:14K-94 et al.), and any interest earned thereon. The fund shall be administered by the agency, in accordance with its authority under section 5 of P.L.1983, c.530 (C.55:14K-5) to manage funds for housing programs.
b. The agency may transfer into the fund any amounts held or received by the agency that are needed by the agency or its foreclosure intervention contractors for the purchase or rehabilitation of eligible property pursuant to P.L.2021, c.34 (C.55:14K-94 et al.).
c. The agency may use annually up to five percent of the monies available in the fund for the payment of any necessary administrative costs related to the administration of the program.
d. Revenue generated through the mechanisms established pursuant to N.J.S.2A:17-38 exceeding the funding plan developed pursuant to subsection d. of section 4 of P.L.2021, c.34 (C.55:14K-97) may be appropriated by the agency for additional foreclosure prevention programs.
L.2021, c.34, s.6; amended by 2023, c.76, s.4.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-100 - Grants to eligible applicants.

55:14K-100 Grants to eligible applicants.
7. a. The agency may make grants to eligible applicants, including, but not limited to, non-profit housing sponsors, municipalities or other governmental entities utilizing funds provided by P.L.2021, c.34 (C.55:14K-94 et al.) or otherwise made available to the agency. Grants issued pursuant to this section shall be used to advance the goals of the program, as established pursuant to section 4 of P.L.2021, c.34 (C.55:14K-97).
b. The agency shall establish regulations, procedures or guidelines governing the qualifications of applicants, the application procedures and the criteria for awarding grants to such eligible applicants and the standards for establishing the amount, terms and conditions of each grant.
L.2021, c.34, s.7.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-101 - Authority of agency.

55:14K-101 Authority of agency.
8. a. The agency is authorized to defend and indemnify the federal government, any department, board, body, agency or other entity thereof, the Government National Mortgage Association and its successors and assigns, the Federal National Mortgage Association and its successors and assigns, and the Federal Home Loan Mortgage Corporation and its successors and assigns, against claims, causes of action, demands, costs or judgments against that entity arising as a direct result of that entity's agreement with the agency, upon the terms and limitations the agency deems reasonable and appropriate. An agreement to defend and indemnify pursuant to this subsection shall not bar, reduce, limit or affect any remedies the agency may have to enforce the agency's agreement or to assert a claim for damages to which the agency may be entitled arising out of the entity's failure to perform the agreement, or for the recovery of funds expended for the defense of an entity if the defense was undertaken in response to a claim or cause of action brought against the entity which arose from gross negligence, willful misconduct, fraud, intentional tort, bad faith, or criminal conduct of the entity or one or more of its officials or employees. No one other than an entity which is a party to the agreement with the agency may enforce any agreement for defense or indemnification between that entity and the agency.
b. The agency may create a reserve fund, procure insurance or take other such appropriate action in order to meet its future obligations, if any, created by such indemnification obligations. Any agreement to indemnify pursuant to subsection a. may be made only as necessary or appropriate to the exercise of any power herein granted or reasonably implied, provided that: (1) such indemnification shall be payable solely from the funds of the agency on deposit in its General Fund or placed in a reserve fund for that purpose; and (2) such indemnification shall not constitute a debt, obligation or liability of the State, and the State shall not be liable for any obligation as a result of the agency's indemnification obligation.
L.2021, c.34, s.8.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-102 - Prospective homebuyer, enrolled, home buying assistance program, priority consideration.

55:14K-102 Prospective homebuyer, enrolled, home buying assistance program, priority consideration.
5. A prospective homebuyer enrolled in another home buying assistance program administered by the agency shall receive priority consideration in the purchase of a residential property that has been purchased and rehabilitated with funds allocated from the Foreclosure Intervention Fund established pursuant to section 6 of P.L.2021, c.34 (C.55:14K-99).
L.2023, c.76, s.5.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14K-104 - Definitions.

55:14K-104 Definitions.
1. As used in P.L.2023, c.78 (C.55:14K-104 et al.):
"Agency" means the New Jersey Housing and Mortgage Finance Agency established pursuant to section 4 of P.L.1983, c.530 (C.55:14K-4).
"Commissioner" means the Commissioner of Community Affairs.
"Department" means the Department of Community Affairs.
"Down payment assistance" or "assistance" means financial assistance for first-time homebuyers to acquire single-family housing for principal residence through the loan program.
"Executive director" means the Executive Director of the New Jersey Housing and Mortgage Finance Agency.
"First-generation homebuyer" means a first-time homebuyer, who is:
a. an individual:
(1) whose parents or legal guardians do not have any present ownership interest in any residential real property in any state or territory of the United States, or outside of the United States; and
(2) whose spouse, or domestic partner, and each member of whose household has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any present ownership interest in any residential real property used as their principal residence in any state or territory of the United States, or outside of the United States; or
b. an individual who has at any time been placed in foster care in the State.
"First-time homebuyer" means a homebuyer who, in accordance with rules and regulations adopted by the agency, has not owned any residential real property as their principal residence within the preceding three years, and is utilizing a mortgage product offered by the agency through an agency homebuyer program to purchase single-family housing, and has a gross household income that does not exceed a limitation determined by the agency.
"Loan program" means the zero-interest, forgivable loan program established pursuant to section 2 of P.L.2023, c.78 (C.55:14K-105).
"Principal residence" means a homestead that is actually and continually occupied as the permanent residence of a household, as distinguished from a vacation home, real property owned and rented or offered for rent by the household, or other secondary real property holdings.
"Single-family housing" means a one- to four-family residence, a condominium unit, a cooperative unit, a combination of a manufactured housing and lot, or a manufactured housing lot.
L.2023, c.78, s.1.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14L-1 - Findings, declarations

55:14L-1. Findings, declarations
1. The Legislature finds and declares that:
a. Many adults living with human immunodeficiency virus (HIV) or who have been diagnosed with acquired immune deficiency syndrome (AIDS) in New Jersey are currently homeless or at risk of homelessness. These persons would benefit greatly from a supportive housing program which coordinates community support services, including case management, counselling, assistance with tasks of daily living and medical treatment, while also providing shelter and services to their immediate families on a permanent basis;
b. Many existing State programs do not have the resources necessary to provide a supportive housing program which accommodates the need for a continuum of care for persons living with HIV or AIDS and support for their immediate families;
c. The inadequate supply of affordable supportive housing for persons living with HIV or AIDS results in excess health care costs, hinders the ability of service providers to deliver the most cost efficient services to such persons, and frequently leads to the premature placement of dependent children into the child welfare system;
d. The Scattered Site AIDS Permanent Housing Program in the New Jersey Housing and Mortgage Finance Agency will be administered by the agency in cooperation with the New Jersey Department of Health, the New Jersey Department of Human Services, the AFL-CIO Housing Investment Trust, and the United States Department of Housing and Urban Development to provide housing opportunities for persons with HIV or AIDS, and their families; and
e. In order for these persons to continue to live independently, it is only fitting and proper that this program be established in law and be provided with the resources necessary to carry out its vital work.
L.1995,c.75,s.1.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14L-2 - Definitions

55:14L-2. Definitions
2. As used in this act, unless a different meaning clearly appears from the context:
"Agency" means the New Jersey Housing and Mortgage Finance Agency.
"Emancipated minor" means a person who is under 18 years of age, but who has been married, has entered military service, has a child or is pregnant, or has previously been declared by a court or an administrative agency to be emancipated.
"Immediate family" means the participant's spouse or partner, dependent children, parent or caregiver.
"Participant" means a person who is eligible to receive housing and services for himself and his immediate family in the Scattered Site AIDS Permanent Housing Program. To be eligible a participant must be:
a. Over the age of 18, or an emancipated minor;
b. Certified in writing by a medical professional as being HIV positive or having AIDS;
c. Eligible for a housing subsidy under section 8 of the federal Housing Act of 1937, 42 U.S.C. s.1437f;
d. Homeless or at risk of homelessness and in need of permanent, affordable housing and support services in order to maintain an independent and healthy lifestyle; and
e. Willing to abide by certain stated program regulations.
"Project" means the part of the program that is developed, operated and maintained by a particular sponsor.
"Scattered Site AIDS Permanent Housing Program" or "program" means the supportive housing program of the New Jersey Housing and Mortgage Finance Agency which has been designed for participants with HIV or AIDS and their immediate families.
"Sponsor" means a nonprofit organization which was selected as a partner in the development and ongoing operation of a project of the program in the request for proposal process executed by the New Jersey Housing and Mortgage Finance Agency in May, 1994.
"Supportive housing" means permanent affordable housing for participants and their immediate families combined with certain services as determined by individual needs, which may change over time.
L.1995,c.75,s.2.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14L-3 - "Scattered Site AIDS Permanent Housing Program" established

55:14L-3. "Scattered Site AIDS Permanent Housing Program" established
3. There is established within the agency the "Scattered Site AIDS Permanent Housing Program," a program to provide supportive housing to participants and their immediate families.
L.1995,c.75,s.3.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14L-4 - "Supportive Housing Fund" established

55:14L-4. "Supportive Housing Fund" established
4. There is established within the agency a "Supportive Housing Fund," which shall be a nonlapsing, revolving fund and which shall be the repository for funds appropriated or otherwise made available for the purposes of this act, and any interest earned thereon. The fund shall be administered by the agency, in accordance with its authority under section 5 of P.L.1983, c.530 (C.55:14K-5) to manage funds for housing programs.
L.1995,c.75,s.4.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:14L-5 - Steering committee established

55:14L-5. Steering committee established
5. There is established within the agency a statewide steering committee for the Scattered Site AIDS Permanent Housing Program. The committee shall be comprised of representatives of: the agency, the Department of Health, the Department of Human Services, and project sponsors. Representatives will be appointed by the executive director, commissioner or project sponsor, as appropriate.
It shall be the duty of the steering committee to address issues that affect all projects in the program including, but not limited to: pursuing opportunities for additional grant funds, developing and revising policies related to supportive services and property management, nurturing statewide community relations, and evaluating the supportive housing program on an ongoing basis.
L.1995,c.75,s.5.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-1 - Continuation of lease or financial arrangement on default or foreclosure of mortgage loan

55:17-1. Continuation of lease or financial arrangement on default or foreclosure of mortgage loan
Any lease or financial arrangement made by any governmental body or agency of this State pursuant to statute in connection with a project for redevelopment, renewal or rehabilitation shall continue in full force and effect beyond any default in or foreclosure of any mortgage loan made to finance the project, as though such default or foreclosure had not occurred, subject to the provisions of this act.
L.1967, c. 304, s. 1, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-2 - Records by holder of mortgage loan

55:17-2. Records by holder of mortgage loan
In the event of any default or foreclosure in respect to a project coming within this act, the holder of the mortgage loan shall establish a set of records, separate and distinct from those pertaining to its usual business or operations, to reflect with reasonable accuracy the appropriate debits and credits applicable to the project, from which all necessary and proper calculations can be made to continue to carry out the terms and provisions of the lease or financial arrangement, or both, as directed by this act. Such records shall be established and maintained in accordance with recognized accounting practices, to be certified to by independent certified public accountants, in order to assure the governmental body or agency involved that the terms and conditions of the lease or financial arrangement will continue to be applied according to their intent.
L.1967, c. 304, s. 2, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-3 - Project and financial records equivalent to person or entity entering into lease or financial arrangement for continuation purposes; administration of project arrangements; summary proceedings

55:17-3. Project and financial records equivalent to person or entity entering into lease or financial arrangement for continuation purposes; administration of project arrangements; summary proceedings
The project and the financial records herein provided for shall be considered to be equivalent to the person or entity entering into the lease or financial arrangement for all purposes of any applicable statute, including qualification and status under any such statute for the purpose of continuing such lease or financial arrangement beyond default or foreclosure. The holder of the mortgage loan and the governmental body or agency involved may enter into appropriate agreements to deal with administration of the project arrangements pursuant to this act; and in case of their inability to reach agreement on any one or more aspects thereof, either may apply to the Superior Court, Chancery Division, by a summary proceeding, to settle and resolve the details of such administration in such fashion as will tend to accomplish the purposes of this act.
L.1967, c. 304, s. 3, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-4 - Establishment and maintenance of financial records and data

55:17-4. Establishment and maintenance of financial records and data
The financial records and data in respect to the administration of the project after default or foreclosure shall be so established and maintained as to permit the application of the terms of the lease or financial arrangement in respect to the calculation of payments to be made to a governmental body or agency, as well as of limitations upon profits, earnings, dividends and the like, separately and apart from the business operations of the holder of the mortgage loans arising from other transactions than the project itself.
L.1967, c. 304, s. 4, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-5 - Nature, identity or status of person with whom lease or financial agreement may be made

55:17-5. Nature, identity or status of person with whom lease or financial agreement may be made
Limiting and restrictive provisions of any statute otherwise applicable, in respect to the nature, identity or status of any person with whom a lease or financial agreement may be lawfully made shall be applied to the project only, in case of a default or foreclosure, and shall not be applicable to the holder of the mortgage loan.
L.1967, c. 304, s. 5, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-6 - Modifying or supplementing mortgage loan; written consent of holder

55:17-6. Modifying or supplementing mortgage loan; written consent of holder
So long as any mortgage loan remains unsatisfied in respect to any project, no agreement shall be made between the governmental body or agency on any lease or financial agreement and the other party thereto, either to modify or supplement any provision thereof, or to exercise any option or right thereunder, including any option to surrender a tax arrangement, without the prior written consent of the holder of the mortgage loan.
L.1967, c. 304, s. 6, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-7 - Notice of default to holder

55:17-7. Notice of default to holder
In the event of any default in connection with the terms and provisions of any lease or financial arrangement affecting a project, the governmental body or agency shall not take any steps it may otherwise be entitled to take, until it has first notified the holder of any mortgage loan thereon and provided a reasonable opportunity, in light of the nature of the default and the available means to correct it to cure the same; but in any case shall allow not less than 30 days for such purpose.
L.1967, c. 304, s. 7, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-8 - Remedies to holder of mortgage loan

55:17-8. Remedies to holder of mortgage loan
In order to provide additional and supplemental remedies to the holder of a mortgage loan on a project, which remedies are deemed necessary and appropriate to the feasibility of making private funds available to finance a project, the holder of a loan may, in addition to any other remedy available by contract or by law:
(a) enter into possession of the project and operate the same, or engage some other person, association or corporation to do so;
(b) receive by transfer at least a majority of the capital stock of the mortgagor and assume operation and control of such mortgagor;
(c) receive and accept a deed or deeds of all of the right, title and interest of the mortgagor in and to the project and to enter into possession thereof and operate the same, or engage some other person to do so;
(d) apply to the Superior Court, Chancery Division, for the entry of a judgment of strict foreclosure in respect to any person or persons holding any claim or lien in respect to the project or the mortgagor, junior to that of the mortgage loan; and in such proceedings the court may provide for such marshaling of assets and application thereof as may be appropriate to maintain the relative positions of the parties;
(e) institute suit and recover judgment upon the underlying loan obligation without being first required to proceed with foreclosure on the mortgage;
(f) proceed to foreclosure of the mortgage, separately from or together with suit on the underlying obligation, and public sale of the project under the supervision and control of the court, to any person, association or corporation willing and able to assume the performance of the terms and provisions of the lease or financial arrangement, either by literal compliance therewith or by means of proper separate records for the project of the nature provided for in this act, all as the court may direct, in order that the highest possible bid may be realized while preserving and maintaining the position of the governmental body or agency under the lease or financial arrangement;
(g) pursue any remedy available either under this act or otherwise either in its own name or through a subsidiary or affiliate, and for such purpose any holder of a mortgage loan is authorized to cause such subsidiary or affiliate to be formed, to hold the stock thereof either in its own name or that of nominee or nominees, without regard to the restriction or limitations of any other law.
L.1967, c. 304, s. 8, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-9 - Definitions

55:17-9. Definitions
For the purposes of this act, the following terms shall have the designated meanings:
(a) "Lease or financial agreement" means any contractual arrangement between a governmental body or agency and some other person, pursuant to applicable statute, which is calculated to render financially feasible the undertaking of any project for redevelopment, renewal or rehabilitation, and shall include without limitation the granting of exemption from taxes, the payment of moneys for charges in lieu of taxes, and any other arrangement to assist in the realization of a project.
(b) "Governmental body or agency" means any governmental body or agency of the United States, of this State or of any subdivision thereof, which may be a party to or participant in any project.
(c) "Project" means any undertaking, whether of one or more units, which is the subject of any lease or financial arrangement for redevelopment, renewal or rehabilitation.
(d) "Holder of a mortgage loan" means any person, association or corporation advancing funds, either for construction loans or for temporary or permanent financing, in respect to lands, improvements or both which constitute a project or part of a project.
(e) "Mortgagor" means any person, association or corporation having an interest in a project which is subject to a mortgage loan, whether or not the original mortgagor or a successor or assignee subject to the mortgage.
(f) "Default or foreclosure" means any event entitling the holder of the mortgage loan to pursue any one or more remedies available under this act or by other law or by contract, without regard to whether a traditional foreclosure or strict foreclosure occurs in fact.
L.1967, c. 304, s. 9, eff. Feb. 15, 1968. Amended by L.1977, c. 368, s. 1, eff. Feb. 6, 1977.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-10 - Liberal construction

55:17-10. Liberal construction
The provisions of this act shall be liberally construed in order that holders of mortgage loans on projects may rely, in the event of a default of foreclosure, upon the continuation of terms and provisions of the lease or financial arrangements evaluated at the time of the making of the loan to determine its financial feasibility, and in case of any conflict between the provisions of any statute authorizing such leases or financial arrangements and the provisions of this act, this act shall prevail.
L.1967, c. 304, s. 10, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:17-11 - Application

55:17-11. Application
The provisions shall apply to all mortgages executed and delivered on and after the effective date of this act, and, to the extent that it may be fairly and feasibly applied to mortgages heretofore made, shall be applicable thereto.
L.1967, c. 304, s. 11, eff. Feb. 15, 1968.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-1 - Definitions

55:18-1. Definitions
As used in this act:
a. "Dwelling unit" means a room or connected rooms within a residential structure forming a self-contained area within that structure and adapted to provide permanent living accommodations for a person or family, including the availability of heat, electricity, water and necessary equipment for the culinary and sanitary requirements of a household of a size for which it is intended.
b. "Resident first-time homebuyer" means a natural person, or the unit of husband and wife considered as joint tenants or tenants by the entirety, who is not and has never been the owner of, or holder of an ownership interest in, residential property in this State, exclusive of any interest as a stockholder or partner in a corporation or limited partnership, or as trustee for another person or persons; who enters or proposes to enter into a lease agreement with a municipality under the terms of this act; and who at the time of entering into such a lease is a bona fide resident of that municipality.
c. "Housing corporation" means any corporation formed under the provisions of Title 15 of the Revised Statutes, which by its certificate of incorporation as issued or amended is empowered to engage in the activity of developing, constructing and operating residential accommodations for persons of low and moderate income, or any private, limited-dividend or nonprofit housing corporation organized in accordance with the provisions of the "Limited-Dividend Nonprofit Housing Corporations or Associations Law," P.L.1949, c. 184 (C. 55:16-1 et seq.).
d. "Nonresidential structure" means any building designed and built for use as a factory or warehouse, or for retail or wholesale merchandising, office, workshop, school, hospital, hotel, or any other commercial, industrial or institutional purpose; or which, having been designed and built for residential use, has been altered, converted or reconstructed for nonresidential use.
e. "Persons and families of low and moderate income" means persons and families whose income is insufficient, in relation to the current cost and condition of housing facilities available in the normal private-enterprise housing market, to secure safe, sanitary and decent housing adequate for the size of the family.
f. "Residential structure" means any building constructed or reconstructed, rehabilitated, converted or altered for the purpose of providing dwelling units for the accommodation of nontransient tenants. A structure containing nonresidential space and facilities not exceeding 25% of its total rental value shall be "residential" within this definition.
L.1983, c. 335, s. 1, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-2 - Title in municipality to realty with residential or nonresidential structure; determinations of feasibility of conversion or rehabilitation; authorization to lease and subordinate interest to mortgage

55:18-2. Title in municipality to realty with residential or nonresidential structure; determinations of feasibility of conversion or rehabilitation; authorization to lease and subordinate interest to mortgage
When a municipality holds title to any lot, parcel, or tract of real property that includes a residential or nonresidential structure, if the municipal governing body determines that:
a. The structure if nonresidential cannot in the foreseeable future be put to economically feasible use in its intended purpose; or if residential, requires rehabilitation to provide safe, sanitary and decent housing accommodations; and
b. The property is not needed for public use by the municipality; and
c. Conversion of the nonresidential structure to a residential structure, or rehabilitation of the residential structure, would be practicable and would help to meet a need within the municipality for housing for persons of low to moderate income; then the municipal governing body may (1) lease the property and structure to a housing corporation or resident first-time homebuyer under terms requiring the lessee to undertake such rehabilitation or conversion and to maintain and operate the converted property for residential purposes in accordance with the provisions of this act and of the lease made under authority of this act and (2) subordinate the municipal interest in the property and structure to any mortgage provided pursuant to financing the rehabilitation or conversion of the structure.
L.1983, c. 335, s. 2, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-3 - Qualifications of prospective lessee

55:18-3. Qualifications of prospective lessee
Before any lease is entered into under authority of this act the prospective lessee shall demonstrate to the satisfaction of the municipal governing body:
(1) Its financial capacity to undertake the proposed conversion, maintenance and operation, including reliable commitments for any financing reasonably required to meet its obligations under, and resulting from, the terms of the lease; and
(2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of the lease.
L.1983, c. 335, s. 3, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-4 - Terms of lease

55:18-4. Terms of lease
A lease entered into under authority of this act shall specify:
a. The term of the lease and the conditions, if any, under which the lessee may be entitled to renewal thereof or to the exercise of an option to purchase the leased property upon expiration, or during the term, of the lease. Such option to purchase shall be nontransferable.
b. The annual rental to be paid to the municipality, and the manner of payment.
c. The date, or a series of dates, running from the date of execution of the lease, upon which the rehabilitation or conversion, or specified stages thereof, shall be completed.
d. The number and type of dwelling units to be provided in the rehabilitated or converted structure or structures, including the respective numbers of units to be provided for single occupancy and for families of varying sizes, together with the facilities to be provided in each unit, or in varying types and sizes of units, and in common areas or for common use of all tenants.
e. The schedule of rents to be charged for units of varying type, size and location, which schedule shall be subject to the provisions of section 6 of this act.
f. The interest on the fair market value of the property and structure, as determined at the time of execution of the lease to which interest the municipality shall be entitled upon purchase by the lessee pursuant to options, or on any terms provided for in the lease or by the terms of this act.
g. Any other terms and conditions not inconsistent with the provisions of this act, or of any other law, to which the lessor municipality and lessee may agree.
L.1983, c. 335, s. 4, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-5 - Conformance to codes

55:18-5. Conformance to codes
Every structure rehabilitated or converted by a lessee under authority of this act, and every dwelling unit in such structure, shall conform to all applicable codes relating to healthfulness, safety and structural soundness of comparable new construction in the municipality; except as the governing body may by ordinance grant modification of or exemption from applicable municipal codes or ordinances on reasonable grounds and without hazard to the health and safety of residents of the rehabilitated or converted structure.
L.1983, c. 335, s. 5, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-6 - Schedule of rents

55:18-6. Schedule of rents
a. A schedule of rents under subsection e. of section 4 of this act shall provide for total revenue sufficient to meet the necessary operating costs, debt service and other necessary commitments of the lessee over the entire term of the lease, including surcharges permitted under section 7 of this act; but shall not exceed amounts feasible for the accommodation of tenants of low and moderate income.
b. The schedule of rents may provide for adjustment of rents in accordance with income levels, family size, or extraordinary financial hardships of particular tenants, in order to assure adequate accommodation of the housing needs of persons of low and moderate income.
c. The schedule of rents shall not be altered during the term of the lease without consent of the lessor municipality, except as the lease may provide for automatic adjustments based on established operating costs; and the lease shall specify the manner in which such alterations may be from time to time proposed, negotiated, and allowed or disallowed.
L.1983, c. 335, s. 6, eff. Sept. 2, 1983.
2023 New Jersey Revised Statutes › Title 55 - Tenement Houses and Public Housing › Section 55:18-7 - Surcharge on rents for lessee with option to purchase; deposit; disposition

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