New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 1 - GENERAL PROVISIONS › Section 5:80-1.3 - General definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter, shall
				  have the following meanings, unless the context clearly indicates otherwise.
"Act" means the New Jersey Housing and Mortgage Finance Agency Law
				  of 1983, P.L. 1983, c.530 (55:14K-1 et seq.).
"Agency" means the New Jersey Housing and Mortgage Finance Agency,
				  created by section 4 of the Act,
				  55:14K-4.
"Assisted living" means a coordinated array of supportive personal
				  and health services, available 24 hours per day, to residents who have been assessed
				  to need these services, including residents who require formal long-term care.
				  Assisted living promotes resident self direction and participation in decisions that
				  emphasize independence, individuality, privacy, dignity, and homelike
				  surroundings.
"Assisted living residence" or "ALR" means a housing project,
				  which is a facility licensed by the New Jersey Department of Health to provide
				  apartment-style housing and congregate dining and to assure that assisted living
				  services are available when needed, for four or more adult persons unrelated to the
				  proprietor. Apartment units in ALRs offer, at a minimum, one unfurnished room, a
				  private bathroom, a kitchenette, and a lockable door on the unit entrance.
"Collateral" means, with respect to any loan, those securities,
				  mortgages or other instruments defined as eligible pursuant to the terms of the
				  Assignment of Collateral and Trust Agreement relating to such loan.
"Collateral requirement" means, as of any date of calculation and
				  with respect to any loan, the amount at which collateral securing such loan is
				  required to be maintained pursuant to the terms of the Assignment of Collateral and
				  Trust Agreement relating to such loan.
"Executive Director" means the chief executive officer of the
				  Agency, appointed and employed pursuant to section 5j of the Act, N.J.S.A.
				  55:14K-5j.
"Home Improvement Loan Program Commitment" means the aggregate
				  unpaid principal amount of home improvement loans which a mortgage seller offers to
				  deliver and sell to the Agency and the Agency agrees to purchase, such sale and
				  purchase to be made under a Note Purchase Agreement.
"Housing project" or "project" means any work or undertaking,
				  other than a continuing care retirement community, whether new construction,
				  improvement, rehabilitation or acquisition of existing buildings or units, which is
				  designed for the primary purpose of providing multi-family rental housing or the
				  acquisition of sites for future multi-family rental housing, including an assisted
				  living residence.
"Housing sponsor" or "sponsor" means any person, partnership,
				  corporation, or association to which the Agency has made or proposes to make a loan,
				  either directly or through an institutional lender, for a housing project.
"HUD" means the United States Department of Housing and Urban
				  Development.
"Mortgage Purchase Agreement" means an agreement entered into
				  between a mortgage seller and the Agency under which the mortgage seller agrees to
				  deliver and sell to the Agency and the Agency agrees to purchase mortgage
				  loans.
"Mortgage Servicing Agreement" means an agreement entered into
				  between a mortgage seller or other person acceptable to the Agency and the Agency
				  under which the mortgage seller or other person agrees to service mortgage loans
				  purchased by the Agency from such mortgage seller under a Mortgage Purchase
				  Agreement.
"Note Purchase Agreement" means an agreement entered into between
				  a mortgage seller and the Agency under which the mortgage seller agrees to deliver
				  and sell to the Agency and the Agency agrees to purchase single family home
				  improvement loans.
"Notice of Acceptance" means the Notice of Acceptance by the
				  Agency to the mortgage seller of an application.
"Primarily residential in character" as set forth in
				  55:14K-3(e)
				   means:
1. With regard to an individual unit, structure, or property, that
				  at least 60 percent of the net sheltered area, not including areas for circulation,
				  utilities and common space, is or will be upon completion of scheduled improvements
				  used exclusively as a residence for one or more persons; or
2. With regard to a project or area, that at least 60 percent of
				  the properties in the area or 60 percent of the floor area in the project, not
				  including areas for circulation, utilities, and open space, consists of units,
				  properties, or structures devoted primarily to residential use.
"Single family mortgage loan" means any mortgage loan for a
				  structure which contains no more than four dwelling units, at least one of which is
				  owner-occupied and may include an owner-occupied single dwelling unit within a
				  condominium or cooperative apartment. Those areas which are non-residential in use
				  shall not exceed those specified by the Federal Housing Administration Property
				  Standards for one or two living units as in effect from time to time.
"Single family home improvement loan" means an eligible loan for
				  the rehabilitation or improvement of a unit or structure which contains no more than
				  four dwelling units where at least 90 percent of the structure or single dwelling
				  unit is devoted to residential use and at least one such dwelling unit is
				  owner-occupied.
"Special needs project" means a project serving special needs
				  populations under the developmental disability housing programs, transitional
				  housing revolving loan programs, shelter plus care programs, HIV/AIDS programs, and
				  similar special needs housing programs, the primary purpose of which is to provide
				  certain types of homes and/or community-based supportive services to individuals and
				  families who are in need of such homes and/or services. Supportive services range
				  across a wide continuum of care and will vary from person to person depending on
				  their particular physical, psychosocial, and/or mental limitations, and may vary for
				  one person over time. Examples of targeted populations that fall within a special
				  needs project are:
1. Persons with AIDS/HIV-related illness;
2. Homeless;
3. Mentally ill;
4. Frail elderly;
5. Alcohol and/or substance abusers;
6. Persons with physical disabilities;
7. Mentally retarded/developmentally disabled;
8. Pregnant/parenting teens;
9. Victims of domestic violence; and
10. Orphans, children placed in resource family care, children who
				  are wards of the Division of Child Protection and Permanency (CP&P), and
				  children for whom CP&P has care and custody.
"State" means the State of New Jersey.
"Term sheet" means the statement of terms, constituting part of
				  the Notice of Acceptance of a commitment, governing the sale and purchase of
				  mortgage loans pursuant to a commitment.