New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.14 - Administrative agent

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The affordability
				controls set forth in this subchapter shall be administered and enforced by the
				administrative agent. The primary responsibility of the administrative agent shall
				be to ensure that the restricted units under administration are sold or rented, as
				applicable, only to low-and moderate-income households. Among the responsibilities
				of the administrative agent are the following:
1.
				Conducting an outreach process to insure affirmative marketing of affordable housing
				units in accordance with the provisions of
				5:80-26.15;
2. Soliciting, scheduling, conducting and
				following up on interviews with interested households;
3. Conducting interviews and obtaining sufficient
				documentation of gross income and assets upon which to base a determination of
				income eligibility for a low-or moderate-income unit;
4. Providing written notification to each
				applicant as to the determination of eligibility or non-eligibility;
5. Creating and maintaining a referral list of
				eligible applicant households living in the COAH region and eligible applicant
				households with members working in the COAH region where the units are
				located;
6. Employing a random selection
				process when referring households for certification to affordable units;
7. Furnishing to attorneys or closing agents forms
				of deed restrictions and mortgages for recording at the time of conveyance of title
				of each restricted unit;
8. Creating and
				maintaining a file on each restricted unit for its control period, including the
				recorded deed with restrictions, recorded mortgage and note, as
				appropriate;
9. Instituting and
				maintaining an effective means of communicating information between owners and the
				administrative agent regarding the availability of restricted units for resale or
				rental;
10. Instituting and maintaining
				an effective means of communicating information to low-and moderate-income
				households regarding the availability of restricted units for resale or
				rerental;
11. Reviewing and approving
				requests from owners of restricted units who wish to take out home equity loans or
				refinance during the term of their ownership;
12. Reviewing and approving requests to increase
				sales prices from owners of restricted units who wish to make capital improvements
				to the units that would affect the selling price, such authorizations to be limited
				to those improvements resulting in additional bedrooms or bathrooms and the cost of
				central air conditioning systems;
13.
				Processing requests and making determinations on requests by owners of restricted
				units for hardship waivers;
14.
				Communicating with lenders regarding foreclosures;
15. Ensuring the issuance of Continuing
				Certificates of Occupancy or certifications pursuant to
				5:80-26.10;
16. Notifying the municipality of an owner's
				intent to sell a restricted unit;
17.
				Ensuring that the removal of the deed restrictions and cancellation of the mortgage
				note are effectuated and properly filed with the appropriate county's register of
				deeds or county clerk's office after the termination of the affordability controls
				in this subchapter for each restricted unit;
18. Providing annual reports to COAH as required;
				and
19. Such other responsibilities as
				may be necessary to carry out the provisions of this subchapter.