reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 20 - CERTIFICATION AND RECERTIFICATION OF INCOME › Section 5:80-20.5 - Recertification periods and procedures; annual compliance audit

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Family income shall
				be recertified on an annual basis for families occupying units that are assisted by
				HUD subsidies, such as Section 8 and 236.
(b) Family income shall be recertified annually or
				at such times and to the extent required pursuant to the Internal Revenue Code (IRC)
				for:
1. A family occupying a unit within a housing
				project financed under former Section 103(b)(4) of the IRC where such unit is
				restricted to families of low- and moderate-income as defined in Section
				103(b)(12)(C) of the IRC;
2. A family
				occupying a unit that is a low-income unit in a housing project financed under
				current Section 142 of the IRC (or any other applicable provision of the IRC as it
				relates to tax-exempt housing bonds); or
3. A family occupying a unit that is a low-income
				unit pursuant to Section 42 of the IRC.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 20 - CERTIFICATION AND RECERTIFICATION OF INCOME › Section 5:80-20.6 - Failure to recertify

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any family that fails to recertify income
				after notification pursuant to this subchapter shall be subject to the following:
1. For families occupying a unit which is assisted
				by HUD subsidies, such as Section 8 and 236, such subsidies shall be terminated as
				needed to comply with applicable Federal regulations.
2. Families occupying market-rate units shall be
				subject to imposition of surcharges pursuant to
				N.J.A.C.
				5:80-20.8 and may also be subject to eviction
				pursuant to N.J.A.C. 5:80-20.9.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 20 - CERTIFICATION AND RECERTIFICATION OF INCOME › Section 5:80-20.7 - Adjustments in tenancy

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For families occupying a unit assisted by HUD
				subsidies such as Section 8 and 236, upon recertification, families whose income is
				in excess of the maximum income limit under applicable federal regulations are
				subject to adjustment or termination of HUD subsidies as needed to comply with
				applicable Federal regulations.
(b)
				Where, upon recertification, a family is occupying a market-rate unit, and that
				family's income is in excess of the maximum income limit underN.J.A.C.
				5:80-8.2, the family may be subject to surcharges
				pursuant to N.J.A.C. 5:80-20.8 and may also be
				subject to eviction pursuant to
				N.J.A.C.
				5:80-20.9.
(c) Upon recertification, housing sponsors must
				ensure that the project contains the number of low- and moderate-income families as
				required byN.J.A.C. 5:80-8.3.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 20 - CERTIFICATION AND RECERTIFICATION OF INCOME › Section 5:80-20.9 - Eviction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Families who fail to recertify income
				following notification pursuant to
				5:80-20.5 may, with Agency approval, be
				evicted by the housing sponsor if such failure continues for at least six months
				after expiration of the lease.
(b) Upon
				recertification, families whose gross aggregate family income exceeds the maximum
				income limit pursuant to
				5:80-8.2 by more than 25 percent and
				continues to do so for at least six months after expiration of the lease may, with
				Agency approval, be evicted by the housing sponsor.
(c) Prior to eviction under this section, housing
				sponsors must provide families with written notice at the end of the six-month
				period indicating that eviction procedures will begin unless they recertify within
				10 days of the notice and show that family income has decreased below the maximum
				income limit. Families who fail to recertify within the 10 days or who upon
				recertification are in excess of the maximum income limit may be evicted by
				following the provisions of
				N.J.S.A.
				2A:18-61.1et seq.
(d) In the case of tenants of income-restricted
				ALR units, neither failure to recertify nor income exceeding the maximum income
				limit shall be cause for eviction. However, the next available nonincome-restricted
				ALR unit shall be rented to an income-eligible tenant and shall be deemed an
				income-restricted ALR unit thereafter.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 20 - CERTIFICATION AND RECERTIFICATION OF INCOME › Section 5:80-20.10 - Confidentiality

Current through Register Vol. 56, No. 14, July 15, 2024
Housing sponsors shall maintain files on the certification and
				  recertification of family income at the project. Such files are to be kept as
				  confidential and shall not be accessible to nor shall information contained therein
				  be disclosed to any person except authorized representatives of the housing sponsor,
				  the Agency and, if applicable, HUD. Housing sponsors shall require identification
				  from each person claiming authority to review such confidential files and maintain a
				  list of individuals who have been provided access to same. If a housing sponsor is
				  not satisfied that a person requesting review has proper authority, review shall be
				  denied and the matter referred to the Agency for final determination. Any copies of
				  family files sent to the Agency pursuant to the certification or recertification
				  process shall be maintained in the same confidential manner. If requested by a
				  family at the time of submission, submitted material shall be returned to a family
				  when it is no longer needed.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 21 - TRANSFER OF SERVICING OF SINGLE FAMILY MORTGAGE LOANS › Section 5:80-21.1 - General applicability

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The rules set forth
				within 5:80-21.1 through 21.4 shall apply to
				all servicers of Agency single family mortgage program loans upon:
1. Sale or transfer of a majority interest in the
				servicing company or entity;
2. Sale or
				transfer of a majority ownership interest of the holding company;
3. Sale or transfer of the portfolio of Agency
				loans to another service; or
4.
				Merger.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 21 - TRANSFER OF SERVICING OF SINGLE FAMILY MORTGAGE LOANS › Section 5:80-21.2 - Agency review and approval of transfer

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No servicer may
				enter into any transfer as specified in
				5:80-21.1 without obtaining prior
				written consent of the Agency. Approval of all transfers shall be made by the
				Executive Director of the Agency.
(b) In
				order for a transfer to be approved, the successor servicer must meet all of the
				following requirements:
1. Is a currently approved
				Agency seller/servicer and has a demonstrable ability to service an Agency
				portfolio, of the size to be transferred;
2. Have a net worth consistent with the standards
				set forth by the Federal National Mortgage Association (FNMA) and acceptable to bond
				insurers, where applicable;
3. Have a
				servicing portfolio of at least $ 25 million in total outstanding principal
				balances.
4. Be an approved servicer for
				the FNMA or Federal Home Loan Mortgage Corporation (FHLMC). If the servicer is not
				FNMA/FHLMC approved, the Agency reserves the right to make its own
				determination;
5. Have current certified
				financial statements and servicing and delinquency statistics that are satisfactory
				to the Agency;
6. Completion of the
				participation application to the satisfaction of the Agency;
7. Completion of the Agency's Questionnaire for
				Servicing Transfers to the satisfaction of the Agency. This form must also be
				completed by the transferring servicer;
8. Evidence of fidelity insurance, errors and
				omission insurance and other insurance required by the Agency;
9. If a successor servicer is an existing Agency
				servicer, there must be a record of acceptable servicing performance, as determined
				by the Agency; and
10. Be approved by
				any entity which has provided insurance for the specified bonds, if required by that
				entity.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 21 - TRANSFER OF SERVICING OF SINGLE FAMILY MORTGAGE LOANS › Section 5:80-21.3 - Compensation adjustment due on transfer

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The compensation
				paid to the Agency shall be adjusted upon sale or transfer by a servicer of Agency
				loans. At the time of the transfer, the servicer shall pay to the Agency an amount
				equal to three times the service fee earned for the month during which the transfer
				occurs.
(b) Compensation adjustment
				shall not be paid on loans in foreclosure or loans in default over 60
				days.
(c) The compensation adjustment
				set forth in (a) above shall not apply to:
1. Newly
				originated loans sold or transferred by sellers (originators) who are not Agency
				approved servicers;
2. Servicers of
				portfolios with 150 loans or less that are transferring their entire Agency
				portfolio;
3. Servicers who are subject
				to a servicer's agreement that provides for compensation adjustment of amounts less
				than those provided by these rules; and
4. Loan sale or organizational transactions for
				which no compensation is involved.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 21 - TRANSFER OF SERVICING OF SINGLE FAMILY MORTGAGE LOANS › Section 5:80-21.4 - Subsequent transfers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The rules within
				this subchapter and all terms and conditions of the then current agreements between
				the Agency and the transferring servicer shall apply in their entirety to any
				subsequent transfers by servicers who became successor servicers under the
				provisions of these rules.
(b)
				Successors servicers shall assume and abide by all the terms, including compensation
				adjustments, of the applicable mortgage servicing agreements on the loans being
				serviced unless different terms are agreed to in writing by the successor servicer
				and the Agency. Portfolio records shall be delivered to the successor, including,
				but not limited to, current and past status, escrow balances, and prepayment and
				curtailment information. Transferor and transferee shall fully indemnify the Agency
				against losses or claims resulting from the transfer.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 21 - TRANSFER OF SERVICING OF SINGLE FAMILY MORTGAGE LOANS › Section 5:80-21.5 - Termination of servicing by Agency

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Agency may
				terminate the servicing agreement with a servicer with or without cause. If
				termination is without cause the Agency shall pay to the servicer 50 basis points of
				the outstanding principal loan balance of any loan that is less than 84 months old
				and that is not in default by 60 or more days. No compensation shall be paid for any
				loan that is older than seven years.
(b)
				If the Agency terminates the servicing agreement with cause, in accordance with the
				agreement, no compensation adjustment shall be paid unless the Agency permits the
				servicer to transfer servicing, in which case the rules set forth in
				5:80-21.1 through 21.4 shall
				apply.
(c) In the event that the Agency
				terminates the servicing agreement, the servicer shall compensate and indemnify the
				Agency for losses to the Agency or for which the Agency becomes responsible, which
				are attributable to the servicer. In addition, the servicer shall not receive a
				compensation adjustment as may have otherwise been provided under (a) above, unless
				the servicer shall have first made the Agency whole. The servicer shall not be
				permitted to set off any compensation adjustment under (a) above against its
				obligations to the Agency.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 22 - AFFIRMATIVE FAIR HOUSING MARKETING PLAN REQUIREMENTS › Section 5:80-22.1 - Requirement to submit an Affirmative Fair Housing Marketing Plan

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose
				of an Affirmative Fair Housing Marketing Plan (Plan) is to ensure that necessary
				steps are being taken to eliminate discriminatory rental practices and to overcome
				the effects of past discrimination involving rental housing by informing individuals
				or groups of persons who would not normally apply for the housing about the
				availability thereof and providing them a reasonable opportunity to rent the
				housing.
(b) Sponsors of housing
				projects and sponsors of continuing care retirement communities are required to
				submit a Plan prior to receiving a commitment or funding from the Agency.
(c) The contents of a Plan under (a) above are as
				follows:
1. The Plan shall consist of a fully
				completed U.S. Department of Housing and Urban Development (HUD), Office of Fair
				Housing and Equal Opportunity Affirmative Fair Housing Marketing Plan
				(AFHMP)-Multifamily Housing (Form HUD-935.2A (12/2011)) or such updated or successor
				form as may be developed by HUD, available at http://portal.hud.gov/hudportal/
				documents/huddoc?id=935-2a.pdf [File Link Not Available].
2. In addition to (c)1 above, all sponsors of
				housing projects and continuing care retirement communities shall register their
				projects or cause their projects to be registered on the New Jersey Housing Resource
				Center website at
http://www.nj.gov/njhrc/
.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 22 - AFFIRMATIVE FAIR HOUSING MARKETING PLAN REQUIREMENTS › Section 5:80-22.2 - Monitoring

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Agency will monitor projects to assess the
				degree to which the activities undertaken pursuant to an approved Plan conform with
				the applicable Fair Housing Laws and Regulations. In conducting monitoring, the
				Agency will determine:
1. Whether the applicant or
				sponsor has made a good-faith effort to carry out the provisions of the approved
				Plan and related Affirmative Fair Housing Marketing requirements; and
2. Whether progress has been made toward
				achievement of the objectives of the Plan.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.1 - Purpose and applicability

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter is designed to implement the New Jersey Fair
				  Housing Act (N.J.S.A. 52:27D-301 et seq.) by
				  assuring that low- and moderate-income units created under the Fair Housing Act are
				  occupied by low-and moderate-income households for an appropriate period of time.
				  This subchapter provides rules for the establishment and administration of
				  affordability controls on restricted units that receive COAH credit under the Fair
				  Housing Act; that receive funding from the Division under the Neighborhood
				  Preservation Balanced Housing Program; that receive funding from the Agency under
				  its UHORP and MONI programs; or with respect to which a municipality or developer
				  contracts with the Agency, HAS, or other experienced administrative agent approved
				  by DCA, the Agency, or COAH for the administration of affordability controls
				  pursuant to the Fair Housing Act. Unless expressly stated otherwise herein, this
				  subchapter shall apply to all restricted units described in the foregoing sentence,
				  regardless of the date on which the units were created; provided, however, that the
				  rules do not apply to units qualifying for the Federal Low-Income Housing Tax Credit
				  under Section 42 of the Internal Revenue Code, units that receive Balanced Housing
				  funds under the Agency's Home Express program, or units receiving assistance under
				  the Federal HOME Investment Partnerships program, 24 CFR Part 92; the HUD Section
				  202 Supportive Housing for the Elderly program, 24 CFR Part 891; the HUD Section 811
				  Supportive Housing for Persons with Disabilities program, 24 CFR Part 891; the HUD
				  HOPE VI program; or the Federal Home Loan Bank Affordable Housing Program, 12 CFR
				  Part 1291.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.3 - Affordability average; bedroom distribution

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In each affordable
				development, at least 50 percent of the restricted units within each bedroom
				distribution shall be low-income units and the remainder may be moderate-income
				units.
(b) Affordable developments that
				are not age-restricted shall be structured in conjunction with realistic market
				demands such that:
1. The combined number of
				efficiency and one-bedroom units is no greater than 20 percent of the total low-and
				moderate-income units;
2. At least 30
				percent of all low-and moderate-income units are two bedroom units;
3. At least 20 percent of all low-and
				moderate-income units are three bedroom units; and
4. The remainder, if any, may be allocated at the
				discretion of the developer.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.4 - Occupancy standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In determining the
				initial rents and initial sales prices for compliance with the affordability average
				requirements for restricted units other than assisted living facilities, the
				following standards shall be used:
1. A studio
				shall be affordable to a one person household;
2. A one bedroom unit shall be affordable to a one
				and one-half person household;
3. A two
				bedroom unit shall be affordable to a three person household;
4. A three bedroom unit shall be affordable to a
				four and one-half person household; and
5. A four bedroom unit shall be affordable to a
				six person household.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.5 - Control periods for ownership units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each restricted
				ownership unit shall remain subject to the requirements of this subchapter until the
				municipality in which the unit is located elects to release the unit from such
				requirements pursuant to action taken in compliance with (g) below. Prior to such a
				municipal election, a restricted ownership unit must remain subject to the
				requirements of this subchapter for a period of at least 30 years; provided,
				however, that:
1. Units located in high-poverty
				census tracts shall remain subject to these affordability requirements for a period
				of at least 10 years;
2. Any unit that,
				prior to December 20, 2004, received substantive certification from COAH, was part
				of a judgment of compliance from a court of competent jurisdiction or became subject
				to a grant agreement or other contract with either the State or a political
				subdivision thereof, shall have its control period governed by said grant of
				substantive certification, judgment or grant agreement or contract; and
3. 95/5 units are subject to the option and price
				restriction rules set forth at
				5:80-26.20 through 26.26.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.7 - Buyer income eligibility for ownership units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Low-income ownership
				units shall be reserved for households with a gross household income less than or
				equal to 50 percent of median income. Moderate income ownership units shall be
				reserved for households with a gross household income less than 80 percent of median
				income. For example, a household earning 48 percent of median income may be placed
				in any low-income unit; however, a household earning 53 percent does not qualify for
				a low-income unit. A household earning 67 percent of median may be placed in any
				moderate income housing unit. A household earning less than 50 percent of median may
				be placed in a moderate income housing unit. Notwithstanding the foregoing, however,
				the administrative agent may permit moderate-income purchasers to buy low-income
				units in housing markets where, as determined by COAH or the Division, as
				applicable, low-income prices are required but there is an insufficient number of
				low-income purchasers to permit prompt occupancy of the units. A certified household
				that purchases a restricted ownership unit must occupy it as the principal residence
				and not lease the unit; provided, however, the administrative agent may permit the
				owner of a restricted ownership unit, upon a showing of hardship, to lease the unit
				to a certified household for a period not to exceed one year.
(b) The administrative agent shall certify a
				household as eligible for a restricted ownership unit when the household is a
				low-income household or a moderate-income household, as applicable to the unit, and
				the estimated monthly housing cost for the unit (including principal, interest,
				taxes, homeowner and private mortgage insurance and condominium or homeowner
				association fees as applicable) does not exceed 33 percent of the household's
				eligible monthly income. The administrative agent, however, may exercise the
				discretion to certify a low-or moderate-income household as eligible despite the
				fact that the unit's monthly housing cost would exceed the 33 percent level, if the
				household obtains a firm mortgage loan commitment at the higher level from a
				licensed financial institution, under terms consistent with the requirements of the
				New Jersey Home Ownership Security Act of 2002,
				46:10B-22 et seq., including
				certification from a non-profit counselor approved by HUD or the New Jersey
				Department of Banking and Insurance that the borrower has received counseling on the
				advisability of the loan transaction.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.8 - Limitations on indebtedness secured by ownership unit; subordination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to incurring
				any indebtedness to be secured by an ownership unit, the owner shall submit to the
				administrative agent a notice of intent to incur such indebtedness, in such form and
				with such documentary support as determined by the administrative agent, and the
				owner shall not incur any such indebtedness unless and until the administrative
				agent has determined in writing that the proposed indebtedness complies with the
				provisions of this section.
(b) With the
				exception of original purchase money mortgages, during a control period, neither an
				owner nor a lender shall at any time cause or permit the total indebtedness secured
				by an ownership unit to exceed 95 percent of the maximum allowable resale price of
				that unit, as such price is determined by the administrative agent in accordance
				with 5:80-26.6(c).
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.9 - Capital improvements to ownership units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The owners of
				ownership units may apply to the administrative agent to increase the maximum sales
				price for the unit on the basis of capital improvements made since the purchase of
				the unit. Eligible capital improvements shall be those that render the unit suitable
				for a larger household or that add an additional bathroom. In no event shall the
				maximum sales price of an improved housing unit exceed the limits for affordability
				for the larger household.
(b) Upon the
				resale of a restricted ownership unit, all items of property that are permanently
				affixed to the unit or were included when the unit was initially restricted (for
				example, refrigerator, range, washer, dryer, dishwasher, wall-to-wall carpeting)
				shall be included in the maximum allowable resale price. Other items may be sold to
				the purchaser at a reasonable price that has been approved by the administrative
				agent at the time of signing the agreement to purchase. The purchase of central air
				conditioning installed subsequent to the initial sale of the unit and not included
				in the base price may be made a condition of the unit resale provided the price,
				subject to 10-year, straight-line depreciation, has been approved by the
				administrative agent. Unless otherwise approved by the administrative agent, the
				purchase of any property other than central air conditioning shall not be made a
				condition of the unit resale. The owner and the purchaser must personally certify at
				the time of closing that no unapproved transfer of funds for the purpose of selling
				and receiving property has taken place at resale.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.10 - Maintenance of restricted ownership units

Current through Register Vol. 56, No. 14, July 15, 2024
A restricted ownership unit shall be required to obtain a
				  Continuing Certificate of Occupancy or a certified statement from the municipal
				  building inspector stating that the unit meets all code standards upon the first
				  transfer of title that follows the expiration of the applicable minimum control
				  period provided under
				  5:80-26.5(a).
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.11 - Control periods for rental units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each restricted
				rental unit shall remain subject to the requirements of this subchapter until the
				municipality in which the unit is located elects to release the unit from such
				requirements pursuant to action taken in compliance with (e) below. Prior to such a
				municipal election, a restricted rental unit must remain subject to the requirements
				of this subchapter for a period of at least 30 years; provided, however, that:
1. Units located in high-poverty census tracts
				shall remain subject to these affordability requirements for a period of at least 10
				years;
2. Any unit included in a
				Neighborhood Rehabilitation Project pursuant to
				N.J.A.C.
				5:43-4.4(b)  shall remain subject
				to these affordability requirements for a period of at least 10 years; and
3. Any unit that, prior to December 20, 2004,
				received substantive certification from COAH, was part of a judgment of compliance
				from a court of competent jurisdiction or became subject to a grant agreement or
				other contract with either the State or a political subdivision thereof, shall have
				its control period governed by said grant of substantive certification, judgment or
				grant agreement or contract.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.13 - Tenant income eligibility

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Low-income rental
				units shall be reserved for households with a gross household income less than or
				equal to 50 percent of median income. Moderate income rental units shall be reserved
				for households with a gross household income less than 80 percent of median
				income.
(b) The administrative agent
				shall certify a household as eligible for a restricted rental unit when the
				household is a low-income household or a moderate-income household, as applicable to
				the unit, and the rent proposed for the unit does not exceed 35 percent (40 percent
				for age-restricted units) of the household's eligible monthly income as determined
				pursuant to 5:80-26.16; provided, however, that this
				limit may be exceeded if one or more of the following circumstances exists:
1. The household currently pays more than 35
				percent (40 percent for households eligible for age-restricted units) of its gross
				household income for rent and the proposed rent will reduce its housing
				costs;
2. The household has consistently
				paid more than 35 percent (40 percent for households eligible for age-restricted
				units) of eligible monthly income for rent in the past and has proven its ability to
				pay;
3. The household is currently in
				substandard or overcrowded living conditions;
4. The household documents the existence of
				assets, with which the household proposes to supplement the rent payments;
				or
5. The household documents proposed
				third-party assistance from an outside source such as a family member in a form
				acceptable to the administrative agent and the owner of the unit.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.17 - Procedures for changing administrative agents

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to ensure
				an orderly transfer of control responsibility from a municipality to an
				administrative agent, from one administrative agent to another administrative agent,
				or other transfer, the following minimum requirements are necessary before or during
				the transition:
1. A letter advising of the change
				shall be sent to all low-and moderate-income homeowners in the case of ownership
				units, and all landlords or their agents in the case of rental
				developments;
2. In the case of
				ownership units, legal assignments to the name of the new administrative agent of
				all restriction instruments shall be prepared and recorded;
3. Hard copy files on each unit, to contain at a
				minimum the original deed restriction, repayment mortgage and mortgage note (if
				applicable), the application materials, verifications and certifications of all
				present owners, pertinent correspondence, any documentation of home improvement,
				hardship waiver or other approvals granted by the former administrative agent and
				other miscellaneous correspondence, shall be physically transferred to the custody
				of the incoming or new administrative agent; and
4. The new administrative agent must be provided
				with:
i. A written methodology, such as the
				operating manual required in this subchapter, applied in the past and to be applied
				in the future for a calculation of maximum resale prices and rents;
ii. The base sales price or initial base rent for
				each unit;
iii. Identification for each
				unit as to whether categorized as low-income or moderate-income;
iv. A description of the number of bedrooms and
				physical layout of each unit;
v. Floor
				plans; and
vi. In the case of
				condominiums and units within a homeowner association, a copy of the master deed and
				public offering statement.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.18 - Enforcement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) By accepting State
				funds for affordable housing purposes, or by submitting to the jurisdiction of COAH,
				a municipality shall be deemed to have delegated to its administrative agent the
				day-to-day responsibility for implementing practices and procedures designed to
				ensure effective compliance with the controls set forth in this subchapter. The
				municipality, however, shall retain the ultimate responsibility for ensuring
				effective compliance with this subchapter.
(b) The administrative agent's enforcement
				responsibility for implementing such practices and procedures shall not be delegated
				or otherwise transferred to any other party, except to a successor administrative
				agent. Anything in this subchapter to the contrary notwithstanding, the Agency and
				DCA each may, in their discretion, contract with for-profit and nonprofit
				organizations to carry out delegated administrative agent functions, provided,
				however, that in any such case the Agency or DCA shall maintain primary
				responsibility for the delegated functions.
(c) The municipality shall:
1. Provide to the administrative agent the name,
				title and telephone number of the municipal official who shall be responsible for
				liaison with the administrative agent on all matters related to this
				subchapter;
2. Ensure that applicable
				local ordinances are not in conflict with, and enable efficient implementation of,
				this subchapter;
3. Retain or otherwise
				designate legal counsel for the purposes of representing any municipal entity acting
				as administrative agent and of enforcing the controls set forth in this
				subchapter;
4. Ensure that all
				restricted units are identified as affordable within the tax assessor's office and
				any municipal utility authority (MUA). The municipality and MUA shall promptly
				notify the administrative agent of a change in billing address, payment delinquency
				of two consecutive billing cycles, transfer of title, or institution of a writ of
				foreclosure on all affordable units; and
5. Provide all reasonable and necessary assistance
				in support of the administrative agent's efforts to ensure effective compliance with
				the controls set forth in this subchapter.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.19 - Appeals

Current through Register Vol. 56, No. 14, July 15, 2024
Appeals from all decisions of an administrative agent appointed
				  pursuant to this subchapter shall be filed in writing with the Executive Director of
				  the Agency. When acting in this capacity, the Executive Director may appoint one or
				  more employees of the Agency, COAH and/or the Department of Community Affairs to
				  assist him or her in rendering the final decision, whenever he or she, in his or her
				  sole discretion, determines that committee participation would materially promote a
				  fair and just disposition of the appeal. A written decision of the Executive
				  Director upholding, modifying or reversing an administrative agent's decision shall
				  be a final administrative action.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.20 - Option to buy 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each 95/5 unit shall
				be subject to an option permitting purchase of the unit at the maximum allowable
				restricted sales price at the time of the first non-exempt sale after controls on
				affordability have been in effect on the unit for the period specified in
				5:93-9.2. The option to buy shall be
				available to the municipality, the DCA, the Agency, or a qualified non-profit entity
				as defined in this chapter.
(b) The
				owner of a 95/5 unit shall notify the administrative agent and COAH by certified
				mail of any intent to sell the unit 90 days prior to entering into an agreement for
				the first non-exempt sale after controls have been in effect on the housing unit for
				the period specified in
				5:93-9.2.
(c) Upon receipt of such notice, the option to buy
				the unit at the maximum allowable restricted sales price or any mutually agreed upon
				sales price that does not exceed the maximum allowable restricted sales price shall
				be available for 90 days. The administrative agent shall notify the municipality,
				the DCA, the Agency, and COAH that the unit is for sale. The municipality shall have
				the right of first refusal to purchase the unit. If the municipality exercises this
				option, it may enter into a contract of sale. If the municipality fails to exercise
				this option within 90 days, the first of the other entities giving notice to the
				seller of its intent to purchase during the 90-day period shall be entitled to
				purchase the unit. If the option to purchase the unit at the maximum allowable
				restricted sales price is not exercised by one of the above entities by a written
				offer to purchase the housing unit within 90 days of receipt of the intent to sell,
				the owner may proceed to sell the housing unit pursuant to
				5:93-9.8. If the owner does not sell the
				unit within one year of the date of the delivery of notice of intent to sell, the
				option to buy the unit shall be restored and the owner shall be required to submit a
				new notice of intent to sell 90 days prior to any future proposed date of
				sale.
(d) Any option to buy a housing
				unit at the maximum allowable restricted sales price shall be exercised by certified
				mail and shall be deemed exercised upon mailing.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.21 - Municipal option on 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any municipality
				that elects to purchase a 95/5 unit pursuant to
				5:93-9.4 may:
1. Convey or rent the unit to a low-or
				moderate-income purchaser or tenant at a price or rent not to exceed the maximum
				allowable restricted sales price or rent provided the unit is controlled by a deed
				restriction in accordance with Appendix A or an alternative form approved by COAH;
				or
2. Convey the unit at fair market
				value subject to the provisions of (b) and (c) below.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.22 - State option on 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When the DCA or the
				Agency elects to purchase a 95/5 unit pursuant to
				5:93-9.4 and this section, it may:
1. Convey or rent the 95/5 unit to a low-or
				moderate-income purchaser or tenant at a price or rent not to exceed the allowable
				restricted sales price or rental; or
2.
				Convey the unit at fair market value and utilize the price differential to subsidize
				the construction, rehabilitation or maintenance of low-and moderate-income housing
				within the appropriate housing region.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.23 - Non-profit option on 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Non-profit entities
				may apply to COAH at any time for the right to purchase 95/5 units subsequent to the
				period of controls on affordability, provided the unit remains controlled by a deed
				restriction approved by COAH.
(b)
				Non-profit entities that have been designated by COAH shall be eligible to purchase
				low-or moderate-income units pursuant to
				5:93-9.4 for the sole purpose of
				conveying or renting the housing unit to a low-or moderate-income purchaser or
				tenant at a price or rent not to exceed the allowable restricted sales price or
				rental. Low-income units shall be made available to low-income purchasers or tenants
				and the housing unit shall be regulated by the deed restriction and lien adopted by
				COAH, appended to this subchapter as Appendix B. The term of the controls on
				affordability shall be the same as those required by
				5:93-9.2
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.24 - Seller option on 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An eligible seller
				of a 95/5 unit that has been controlled for the period established in
				5:93-9.2 who has provided the requisite
				notice of an intent to sell, may proceed with the sale if no eligible entity as
				outlined in 5:80-26.19(c)  and
				26.22 exercises its option to purchase within 90 days.
(b) Subject to
				5:93-9.9, the seller may elect to:
1. Sell to a certified household at a price not to
				exceed the maximum permitted sales price in accordance with existing COAH rules,
				provided that the unit is regulated by the deed restriction and lien adopted by
				COAH, appended to this subchapter as Appendix B for a period of at least 30 years;
				or
2. Exercise the repayment option and
				sell to any purchaser at market price, providing that 95 percent of the price
				differential is paid to the administrative agent, as an instrument of the
				municipality, at closing.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.25 - Municipal rejection of repayment option on 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A municipality shall
				have the right to determine that the most desirable means of promoting an adequate
				supply of low-and moderate-income housing is to prohibit the exercise of the
				repayment option and maintain controls on lower income housing units sold within the
				municipality beyond the period required by
				5:93-9.2. Such determination shall be
				made by resolution of the municipal governing body and shall be effective upon
				filing with COAH. The resolution shall specify the time period for which the
				repayment option shall not be applicable. During such period, no seller in the
				municipality may utilize the repayment option permitted by
				5:93-9.8.
(b) Municipalities that exercise the option
				outlined in (a) above shall:
1. Provide public
				notice in a newspaper of general circulation; and
2. Notify the administrative agent and COAH of its
				governing body's action.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Section 5:80-26.26 - Continued application of options to create, rehabilitate or maintain 95/5 units

Current through Register Vol. 56, No. 14, July 15, 2024
When a housing unit has been maintained as a low-or
				  moderate-income unit after controls have been in effect for the period specified in
				  5:93-9.2, the deed restriction governing
				  the housing units shall allow municipalities, DCA, the Agency, COAH, non-profit
				  agencies and sellers of low-and moderate-income units to again exercise all the same
				  options as provided in this subchapter.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 26 - HOUSING AFFORDABILITY CONTROLS › Appendix F

Current through Register Vol. 56, No. 14, July 15, 2024
FORM OF RELEASE (Quitclaim Deed) FOR RESTRICTED UNITS
QUITCLAIM DEED
RELEASING OWNERSHIP UNIT FROM AFFORDABILITY CONTROLS
THIS DEED, made as of this the ... day of ......., 20... by and
				  between The STATE OF NEW JERSEY, acting by and through its Commissioner of the
				  Department of Community Affairs, PO Box 806, Trenton, New Jersey, 08625, (the
				  "GRANTOR"), and the ......., (the "GRANTEE");
WHEREAS, on or about ......., an [Affordable Housing Agreement or
				  Deed] [and a Repayment Mortgage (the "Mortgage") together] containing Fair Housing
				  Act deed restrictions (the "RESTRICTIONS") were executed by ......., and were
				  subsequently recorded in the Registrar's Office of the Clerk, County of .......,
				  State of New Jersey, in, respectively, Deed Book ... at pages ... through ..., [and
				  Mortgage Book ... at pages ... through ...,] in connection with the property
				  identified below (the "PROPERTY");
WHEREAS, under the terms of the Agreement and Mortgage, all
				  Restrictions lapsed on .......
NOW THEREFORE, and in consideration of $1 in hand received and
				  other good and valuable consideration,
The GRANTOR grants and forever releases to the GRANTEE, so that
				  the lands described below may be conveyed free from the encumbrance of the
				  RESTRICTIONS, any and all restrictions and claims of the GRANTOR, upon that certain
				  real property, located in the Municipality of ......., County of ......., State of
				  New Jersey, more particularly described as:
Being known and designated as Lot ..., Block ...... in the
				  Municipality of ......., County of ......., State of New Jersey, and more commonly
				  known as ......., New Jersey .......
SUBJECT TO all easements, covenants and restrictions of
				  record.
The GRANTOR has received full consideration from the
				  GRANTEE.
The GRANTOR signs this Deed as of the date first above written.
Attest:
[Administrative Agent]
..........................................
by:
..........................................
STATE OF NEW JERSEY
)
) ss:
COUNTY OF .................................
)
On this the ... day of ......., 20... before me came ......., who
				  acknowledges and makes proof to my satisfaction that he/she is a duly authorized
				  agent of the ......., the Grantor named within this document, and that the
				  execution, as well as the making of this instrument has been duly authorized by said
				  ...... as the voluntary act and deed of ......., sworn to and subscribed by him in
				  my presence on this date.
............................................................................
A Notary Public/Attorney of the State of New Jersey