New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 8 - OCCUPANCY REQUIREMENTS REGARDING INCOME › Section 5:80-8.3 - Occupancy requirements for housing projects

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For housing projects
				financed by the Agency with the proceeds of bonds where the interest is exempt from
				Federal taxation, and where the project must contain a certain number of units to be
				occupied by individuals of specified income levels pursuant to section 142(d)(1) of
				the Internal Revenue Code (Code), at all times during the qualified project period
				as defined in section 142(d)(2)(A) of the Code, at least 20 percent of the
				residential units shall be occupied by individuals whose income is 50 percent or
				less of area median gross income or at least 40 percent of the residential units
				shall be occupied by individuals whose income is 60 percent or less of area median
				gross income (the "income-restricted units"). In allocating the units in a project
				which is to contain income-restricted units, the Agency may require the distribution
				of such units among the different sized units to reflect the same percentage
				distribution as the number of different sized units bears to the total number of
				units. A greater percentage of the income-restricted units may, however, be
				allocated to the larger units. Additionally, income-restricted units shall be
				distributed throughout the project such that the tenants of such units will have
				equal access to and enjoyment of all common facilities of the project. If there are
				changes in Federal law or in the Code or regulations with regard to the
				above-referenced matter, the Agency may adjust the above requirements
				accordingly.
(b) In assisted living
				residences financed by the Agency with the proceeds of Agency bonds where the
				interest on the bonds is exempt from Federal taxation, either not less than 20
				percent of the units shall be occupied by individuals whose income is 50 percent or
				less of area median gross income, or not less than 40 percent of the units shall be
				occupied by persons whose income is 60 percent or less of area median gross income,
				at all times during the qualified project period as defined in section 142(d)(2)(A)
				of the Code (the "income-restricted units"). All ALRs shall reserve 10 percent of
				the income-restricted units for occupancy by persons whose monthly income does not
				exceed 300 percent of the monthly Federal Supplemental Security Income (SSI) benefit
				amount (which amount is determined and published annually by the Social Security
				Administration), unless such 10-percent utilization requirement is waived or reduced
				for the applicable region of the State or Statewide by the New Jersey Commissioner
				of Health (Commissioner) pursuant to
				N.J.S.A.
				26:2H-12.17 or any successor statute.
				Income-restricted units shall be distributed throughout the project such that the
				residents of such units shall have equal access to and enjoyment of all common areas
				of the project.
(c) For assisted living
				residences financed by the Agency with the proceeds of bonds where the interest is
				not exempt from Federal taxation, 20 percent of the units shall be set aside for
				persons whose incomes are 80 percent or less of the area median income. Ten percent
				of the 20 percent of the units set aside shall be reserved for persons whose monthly
				income does not exceed 300 percent of the monthly Federal Supplemental Security
				Income (SSI) benefit amount (which amount is determined and published annually by
				the Social Security Administration) unless such 10-percent utilization requirement
				is waived or reduced for the applicable region of the State or Statewide by the
				Commissioner pursuant to
				26:2H-12.1 7 or any successor
				statute.