New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 13 - LIMITED DIVIDEND AND NONPROFIT HOUSING CORPORATIONS AND ASSOCIATIONS AND URBAN RENEWAL ENTITIES › Subchapter 1 - GENERAL PROVISIONS › Section 5:13-1.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) These rules shall
				apply to and control all housing sponsors formed under the provisions of the Limited
				Dividend Nonprofit Housing Corporations or Associations Law, P.L. 1949, c.184, as
				amended (the former N.J.S.A. 55:16-1 et seq.) and remaining subject to the
				jurisdiction established under that act in accordance with the Long Term Tax
				Exemption Law, P.L. 1991, c.431; provided, however, that the provisions of N.J.A.C.
				5:13-2 (Limited Dividend Housing Corporations and Associations as Cooperatives)
				shall apply only to housing sponsors organized as cooperatives financed under a FHA
				insured (Section 213) mortgage, and provided further that nothing herein shall be
				construed to abrogate or set aside such regulatory agreements as have been approved
				by the Authority prior to the date of these regulations insofar as the provisions
				thereof are not inconsistent with the regulations. These rules shall also apply to
				and control all housing sponsors formed under the provisions of the Long Term Tax
				Exemption Law, P.L. 1991, c.431.
(b) For
				the purpose of encouraging development of housing projects under these regulations
				and to enable housing sponsors to obtain the necessary financing through FHA or
				HMFA, the State Administrator may waive any regulations herein where such waiver is
				in the public interest and there is a conflict between these regulations and either
				FHA or HMFA requirements.
(c) The
				Authority may approve or adopt by reference, in whole or in part, any regulatory
				agreement between a housing sponsor and a State or Federal financing or insuring
				agency in which the terms and conditions of construction, operation and maintenance
				of the project are specified which substantially conform with the purposes and
				intent of the Act and this Chapter; provided however, that nothing herein shall be
				construed to prevent the Authority from inspecting and investigating any project
				under such regulatory agreement to assure compliance with the Act and this
				Chapter.
(d) The Authority may delegate
				to any State or Federal financing or insuring agency such responsibilities and
				duties imposed upon the Authority by the Act or this Chapter as may be consistent
				with the intent and purpose of the regulations and consistent with public policy and
				the protection of rights and remedies provided for thereunder; provided however,
				nothing herein shall be construed to prohibit the Authority from rescinding such
				delegation in the event such State or Federal agency fails to perform such delegated
				duties and responsibilities in a responsible manner; nor to prohibit the Authority
				from conducting such investigations and inspections it deems necessary and
				appropriate to assure compliance with the requirements of the Act and this
				Chapter.
(e) Approval by the Authority
				of any regulatory agreement as specified in subsection (c) of this Section or
				delegation of responsibilities and duties as provided for in subsection (d) of this
				Section shall be in writing and a copy of each such regulatory agreement and
				delegation shall be maintained on file by the State Deputy Administrator.
(f) In all matters pertaining to implementation
				and enforcement of this Chapter, the Deputy Administrator shall act as the duly
				authorized delegate of the State Administrator. Whenever this Chapter refers to the
				State Administrator it shall be construed to include the Deputy Administrator unless
				specifically provided otherwise.