reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 5 - TRANSFER OF OWNERSHIP INTERESTS › Section 5:80-5.8 - Return on equity

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The buyer shall
				assume the same rate of return on equity that the seller had. The buyer's equity in
				the housing project shall be determined in accordance with
				5:80-3.3(a).
(b) The seller shall be limited to a cumulative,
				but not compounded, return on its equity, from project operations or sale, at the
				rate of return as determined by N.J.A.C. 5:80-3 and set forth in the mortgage and
				other contractual documents between the seller and Agency.
1. Upon sale or other disposition of the project
				or any interest therein, the seller shall be entitled to a return of its equity in
				the project and any accrued but undistributed return on its equity. Such return
				shall be conditioned upon the Agency's mortgage and any other supplemental project
				financing from the Agency or other governmental agency or department being assumed
				by the buyer, and further conditioned upon the making of any required project
				repairs or improvements, pursuant to
				5:80-5.4(d), and the
				payment of all amounts due the Agency and the funding of reserves pursuant to
				5:80-5.4(e). The seller
				shall not be entitled to or paid any return until such conditions have been met. The
				seller's equity in the project shall be determined in accordance with
				5:80-3.3(a).
2. Upon sale or other disposition of the project
				or any interest therein, the seller is not entitled to and may not retain or be paid
				any more than its equity in the project plus any accrued but undistributed return on
				its equity. Any amounts realized in excess of the aforementioned amounts less the
				total of the amounts listed below shall be paid into the Multi-family Rental
				Investment Program:
i. Any amount of the purchase
				price that is paid or escrowed in an Agency controlled account for repairs or
				improvements pursuant to
				5:80-5.4(d);
ii. Any amounts paid to fund reserves pursuant to
				5:80-5.4(e);
				and
iii. Any mortgages or other
				supplemental financing from the Agency or other governmental agency or department
				that are paid or assumed upon transfer.
3. Funds paid into the Multi-family Rental
				Investment Program shall be used as provided therein or in the case of a housing
				sponsor organized under N.J.S.A. 55:16-1 et seq., such excess shall be distributed
				pursuant to said Act. The funds deposited into this program shall be used for the
				purpose of providing loans to rental projects meeting low and moderate income
				needs.
4. In cases where the sale or
				other disposition of the project includes a permitted prepayment of the Agency
				mortgage, return on equity shall be governed by the provisions of
				5:80-5.10(b).
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 5 - TRANSFER OF OWNERSHIP INTERESTS › Section 5:80-5.9 - Required payment and repayments

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At closing, the
				following payments and repayments are required:
1.
				The buyer shall submit with its request for review, a non-refundable fee of $ 5,000
				which will be applied at closing toward any payment or repayments due.
2. The seller shall pay to the Agency, as a
				processing fee, an amount as determined by the Agency, to reimburse the Agency for
				its administrative cost in processing the seller's request to transfer ownership of
				the project or any interest therein.
3.
				Any outstanding supplemental financing must be paid at closing, unless the Agency
				determines the financial viability of the project is not jeopardized by the
				continuation of such supplemental financing and the buyer assumes all supplemental
				financing.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 5 - TRANSFER OF OWNERSHIP INTERESTS › Section 5:80-5.11 - Approval and disclosure requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Agency
				specifically reserves the right to investigate and disapprove any prospective buyer
				or any other party involved in the transaction including without limitation all
				limited and general partners, attorneys, syndicators, brokers or consultants, as
				well as any partners or shareholders thereof. Prior to its approval, the Agency may
				require any party to disclose such information as may be reasonably related to the
				transaction and may require any party to sign such waivers, releases or affidavits
				as may be necessary to authenticate or investigate the information
				requested.
(b) All reviews, inspections,
				reports and other determinations received pursuant to these regulations shall be
				subject to final review, approval and determination by the Agency.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.2 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
Prior to the repeal of the Limited Dividend Law, a number of
				  Agency-financed housing projects were sold by their nonprofit sponsors to limited
				  partnerships formed pursuant to the Limited Dividend Law. As a result of those
				  transactions, designated funds were deposited into certain accounts for the primary
				  purpose of financing projects and community activities and services. The provisions
				  of this subchapter are intended primarily to set forth the permissible uses of and
				  the procedure for accessing the funds remaining in and accruing to those
				  accounts.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.3 - Annual administrative fee

Current through Register Vol. 56, No. 14, July 15, 2024
Unless otherwise provided for by agreement, each project that has
				  been subject to a conversion shall pay to the Agency an annual administrative fee of
				  $ 3,500 from the principal and/or interest income on the escrow accounts in such
				  manner as shall be determined by the Agency
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.4 - Use of funds with regard to projects subsidized under Section 8

Current through Register Vol. 56, No. 14, July 15, 2024
(a) With the approval
				of the Agency, the principal of the Development Cost Escrow shall be used to fund
				debt service arrearages and other operating deficits at the project, including
				appropriate funding of required reserve accounts as determined by the Agency and for
				such other purposes as may be approved by the Agency that will improve the financial
				viability or physical structure of the project or increase tenant safety and/or
				comfort.
(b) With the approval of the
				Agency, the principal of the Community Development Escrow shall be used for any use
				permitted under (a) above or to increase amenities of the project; reduce
				maintenance and replacement costs of the project; provide or assist desirable social
				services benefiting the residents of the project or the community in which it is
				located; and finance various community development activities in the community in
				which the project is located.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.5 - Use of funds with regard to projects subsidized under Section 236 Interest Reduction Program

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This section is promulgated to recognize the
				essential difference between the Section 236 and Section 8 Programs. In projects
				subsidized through interest reductions, tenants must bear the full responsibility
				for all other operating costs. Accordingly, after certain required payments, all
				proceeds of the sales of Section 236 projects were primarily pledged to easing the
				burden on the tenants by subsidizing repair and maintenance or operating costs. If,
				however, the housing sponsor of a Section 236 project can demonstrate that the
				project is in sound physical and financial condition and will likely remain so for
				the foreseeable future, a portion of the proceeds or investment income on the
				proceeds may be deposited into a CDE.
(b) The income and principal of a Project Subsidy
				Reserve may be utilized in the following manner:
1. First to pay any existing operating deficits,
				including debt service arrearages, of the project;
2. To fund any capital improvements or repairs
				that are required for the viable operation of the project and cannot be funded out
				of other reserves at the project;
3. To
				provide an additional source of operating revenue to assist in financing the normal
				operations of the project, including debt service, so that future rent increases can
				be moderated or so that rents may be maintained, to the extent feasible, at a level
				that is appropriate to the tenant population for which the development is
				intended;
4. After the project sponsor
				has demonstrated to the satisfaction of the Agency, based on information required
				under (b)4i through iv below, that the funds in the PSR are not required for any of
				the purposes listed in (b)1, 2, or 3 above and will not be so required for the
				foreseeable future and after payment of the annual administrative fee to the Agency
				has been funded, a portion of these funds or the investment income thereon may, at
				the request of the sponsor, be deposited into a CDE. If such a request is made, the
				project sponsor shall submit, and the Agency shall consider, the following
				information:
i. Operating revenue and expense
				projections for the project for the next five years;
ii. The rents expected to be charged at the
				project assuming reasonable annual increases for five years;
iii. The rents charged and expected to be charged
				at comparable projects; and
iv. The
				effect of the requested action on (b)4i and ii above.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.6 - Investment income earned on the PSR, DCE, and CDE

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After payment of the
				annual administrative fee specified in
				N.J.A.C.
				5:80-6.3has been funded, the investment income
				earned on the DCE and CDE may be used:
1. To fund
				current operating deficits and/or arrearages, including debt service arrearages, of
				the project;
2. To pay the partners a
				return on equity to the extent allowed by law and to the extent not paid from
				operating revenues of the project, but only if there are no operating deficits or
				arrearages at the project; and
3. In
				accordance with the designated uses of the accounts or for other purposes requested
				by the project sponsor and approved by the Agency.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.7 - Use of DCE and CDE for development of housing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the
				uses permitted under
				N.J.A.C.
				5:80-6.4, 6.5, and 6.6, housing sponsors, or the
				authorized entity within the housing sponsor's organizational structure with
				financial control over the DCE and/or CDE accounts, may, with Agency approval, use
				DCE and CDE funds, and interest thereon, for the development, operation,
				maintenance, construction, rehabilitation, or improvement of or investment in
				additional housing within the State. DCE and CDE funds may only be used for such
				purposes if the Agency determines that DCE and CDE funds are not needed to ensure
				the financial viability or physical structure of the project. This includes, but is
				not limited to, a finding by the Agency that the project has surplus cash and that
				DCE and CDE funds are not needed for providing an additional source of operating
				revenue to assist in financing any other aspect of the current or future operations
				of the project.
(b) Housing sponsors, or
				the authorized entity within the housing sponsor's organizational structure with
				financial control over the DCE and/or CDE accounts, may use DCE and CDE funds as
				specified in (a) above or may deposit DCE and CDE funds with the Agency to be used
				by the Agency itself or by the Agency in conjunction with other developers for the
				purposes and under the conditions outlined in (a) above.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.8 - Tax obligations

Current through Register Vol. 56, No. 14, July 15, 2024
The partnership shall be responsible for all tax consequences
				  arising out of the sale of the project.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.9 - Approval and disclosure requirements

Current through Register Vol. 56, No. 14, July 15, 2024
The Agency specifically reserves the right to investigate and
				  approve any party involved in the transaction including, without limitation, all
				  limited and general partners, attorneys, syndicators, brokers, or consultants, as
				  well as any partners, shareholders, or members thereof. Prior to its approval the
				  Agency may require any party to disclose such information as may be reasonably
				  related to the transaction and may require any party to sign such waivers, releases,
				  or affidavits as may be necessary to authenticate or investigate the information
				  requested.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS › Section 5:80-6.10 - Requests for use of escrow funds

Current through Register Vol. 56, No. 14, July 15, 2024
All requests for the use of escrow funds or the investment income
				  earned thereon must receive written approval by the Agency in accordance with
				  procedures adopted from time to time by the Agency.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
"Affirmative Fair Housing Marketing Plan" is a plan to attract
				  those people who would least likely apply for residence.
"Disabled person" means a person who has a disability as defined
				  in section 223(d) of the Social Security Act,
				  42 U.S.C. §
										423(d), or a person who has a
				  "developmental disability" as defined at 42 U.S.C. § 6001(8).
"Displaced person" means a person or family who has been displaced
				  by governmental action or whose dwelling has been extensively damaged or destroyed
				  as a result of a disaster declared or otherwise formally recognized pursuant to
				  Federal disaster relief laws.
"Elderly family" is one in which the head of household, spouse or
				  sole member is 62 years of age or older, handicapped or disabled.
"Family" is two or more persons sharing residency and related by
				  blood, marriage or operation of law, or who demonstrate a stable relationship which
				  has existed over a period of time.
"Handicapped" is a person having a physical or mental impairment
				  which is expected to be of long continued and indefinite duration and which
				  substantially impedes his or her ability to live independently and which is of such
				  a nature that such ability could be improved by more suitable housing
				  conditions.
"Household" is one or more persons which share or will share a
				  residence.
"Housing needs" is circumstances beyond the control of a family
				  which are not one of the priorities set forth such as substandard housing,
				  overcrowding, living with family or others, dangerous neighborhood, housing
				  unsuitable because of medical reasons, etc.
"Minority" is a household of which one or more of whose members
				  are either Black, Hispanic, American Indian or Oriental. A white person would be
				  considered a minority if he were living in a predominantly black
				  neighborhood.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.2 - General policy

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The process of screening applicants and
				selecting future residents is a crucial one. On one hand, a housing owner must keep
				units occupied to minimize vacancy loss and maintain cash flow. On the other hand,
				the owner must also take the time to screen applicants and to select only those
				applicants who will be responsible residents and meet HUD eligibility
				requirements.
(b) Careless selections
				can result in vandalism, high repair costs, costly evictions and increases in
				vacancies. To avoid such problems as much as possible, each owner should develop
				reasonable tenant selection procedures.
(c) The procedures should be designed to select
				applicants who will not only meet the tenant eligibility requirements for HUD's
				subsidy programs but will also be responsible tenants. The procedures should
				instruct project staff on at least:
1. How to
				screen tenants;
2. Fair Housing and
				Equal Opportunity laws;
3. Required
				preferences and economic mixes;
4.
				Limitations on admission of single persons and over-income applicants; and
5. How to select tenants from among eligible
				applicants.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.3 - Screening criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Agency supports
				the owner's desire to select responsible tenants.
(b) Owners are expected to exercise sound judgment
				in the tenant selection process. The fact that an applicant qualifies for program
				benefits does not mean that he or she is a suitable tenant.
(c) Owners may consider the following factors when
				screening applicants. These factors are not all inclusive and the absence of any of
				these factors is not sufficient reason to reject an applicant. Costs of credit
				checks and home visits may be charged as a project expense.
1. Demonstrated ability to pay rent and make
				timely payment.
2. Comments from prior
				landlords: Tenants with histories of damaging units are obviously high risks. The
				endorsement of at least two prior landlords is preferable over the judgment of a
				present landlord. A responsible tenant may receive a bad recommendation just as a
				bad tenant might receive a good recommendation from the present landlord. The other
				landlord's interests are not always the same as the owner's interests.
3. Good credit references: Although the benefits
				of a credit check are debatable, credit checks may be useful when no rent-paying
				history is available. However, the lack of a credit history may not automatically
				disqualify an applicant.
4. Housekeeping
				habits: So-called "home visits" can be particularly valuable to make certain that
				the applicant maintains his or her housing unit in an acceptable manner.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.4 - Non-discrimination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Owners must comply
				with all Federal, State or local fair housing and civil rights laws and regulations
				and with all equal opportunity requirements set forth in
				55:14K-1 et seq., Agency regulations,
				and HUD's administrative procedures. Federal and State laws provide that owners may
				not discriminate based upon race, color, creed, religion, sex, national origin, age
				or handicap. Any complaints alleging violations of civil rights laws will be
				referred to the Agency or to HUD's Regional Offices of Fair Housing and Equal
				Opportunity for possible compliance actions.
(b) Owners must also comply with requirements
				imposed in Agency and HUD program statutes, regulations and administrative
				procedures. These administrative requirements prohibit restrictions on certain
				classes of persons. Examples of prohibited practices are shown in Exhibit A. This
				figure is not intended to be all inclusive.
(c) Owners are subject to all civil rights laws
				and Agency and HUD administrative requirements on non-discrimination. These civil
				rights laws and administrative requirements apply to the process of accepting
				applications and selecting tenants from among eligible applicants as well as to the
				process of assigning units. Under civil rights laws, an owner may not place minority
				tenants in one part of the project and non-minority tenants in another
				part.
(d) In partially assisted Section
				8 projects (that is, those with less than 100 percent of the units under a Section 8
				contract), HUD administratively requires that assisted tenants must be dispersed
				throughout the project. Note: In projects designed for both elderly and non-elderly
				families, owners may place elderly and non-elderly families in separate areas of the
				project.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.5 - Priorities and preferences

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Owners may give
				priority or preference for admission to otherwise eligible applicants in (b) and (c)
				below so long as such priorities and preferences are consistent with the fair
				housing laws and the owner's Affirmative Fair Housing Marketing Plan.
(b) Handicapped, disabled, displaced and
				substandard housing applicants shall be treated as follows:
1. For all units, owners must give preference to
				applicants who are either living in substandard housing or are displaced by
				government action or activity.
2. For
				all units designed specifically for the elderly, owners must give priority to
				elderly, handicapped and disabled applicants on an equal basis.
3. For all barrier free or partially barrier free
				units designed specifically for handicapped or disabled persons, owners must give
				first priority to handicapped or disabled persons who need the modified design to
				permit them to operate independently with comparative ease under normal
				circumstances. All other handicapped or disabled persons will be given second
				priority. The elderly will be given third priority.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.6 - Limitations on admission of over-income tenants

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When applicants who
				are income-eligible and otherwise qualified are available, the owner may not lease
				any unit to an applicant whose income exceeds the applicable income limit.
(b) The owner may lease such units to over-income
				applicants only after he or she has exerted good faith effort to attract
				income-eligible applicants and such applicants are not available.
(c) Under no circumstances may an owner lease more
				than 10 percent of the units to over-income applicants without the prior written
				approval of the Agency.
(d) At Below
				Market Interest Rate, rent supplement, or Section 236 projects, an owner must also
				obtain the prior written approval of HUD or the Contract Administrator.
(e) At Section 8 projects, an owner also must
				obtain prior written HUD approval, except in older projects where the Section 8
				Contract allows up to 20 percent.
(f)
				Before admitting any over-income applicant in accordance with these regulations, the
				owner must certify in writing that:
1. He or she
				has made all assisted units committed under the contract available for occupancy by
				eligible families;
2. He or she had
				taken all reasonable steps to attract income-eligible applicants;
3. No income-eligible applicants were available
				when the over-income applicant was selected for admission.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 7 - TENANT SELECTION STANDARDS › Section 5:80-7.7 - Nonimmigrant alien students

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Section 214 of the
				Housing and Community Development Act of 1980,
				42 U.S.C.
				§
										1436a, prohibits HUD from making housing
				assistance available to nonimmigrant alien students.
(b) A nonimmigrant alien student is a person who:
1. Has a foreign residence which he or she has no
				intention of abandoning;
2. Is a bona
				fide student qualified to pursue a full course of study; and
3. Is admitted to the United States temporarily
				and solely for purposes of pursuing such a course of study at an established
				institution of learning or other recognized place of study in the United States,
				particularly designated by him or her and approved by the Attorney General of the
				United States (Attorney General) after consultation with the Department of Education
				of the United States.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 8 - OCCUPANCY REQUIREMENTS REGARDING INCOME › Section 5:80-8.1 - General applicability

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The rules within
				this subchapter shall apply to all Agency-financed housing projects except as
				provided in (b) below.
(b) For housing
				projects assisted by subsidies from HUD, or financed with the proceeds of tax exempt
				bonds pursuant to the Internal Revenue Code or financed by a loan which is insured
				or guaranteed by the United States or any agency thereof or financed or assisted, in
				whole or in part under any program of the United States (collectively, "Federal
				Programs"), the rules, regulations and/or requirements under the Federal Programs
				for occupancy requirements regarding income shall be used in addition to or in place
				of, as appropriate, the rules within this subchapter. Reference to any State or
				Federal statutes shall include any amendments or reenactments which have been or may
				be made as to such statutes.
(c) For
				purposes of this subchapter, "family" means:
1.
				For projects receiving subsidies under Section 236 or Section 8 Programs, the same
				as defined under the applicable Section 236 or Section 8 rules, regulations or
				requirements; or
2. For all other
				projects, two or more persons who live or expect to live together as a single
				household in the same dwelling unit or an individual at least 18 years of age who is
				not a full-time student.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 8 - OCCUPANCY REQUIREMENTS REGARDING INCOME › Section 5:80-8.2 - Maximum gross aggregate family income

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Admission to housing
				projects shall be limited to families whose gross aggregate family income at the
				time of admission does not exceed six times the annual rental or carrying charges
				approved by the Agency except for families with three or more dependents, whose
				incomes may be up to seven times the annual rental or carrying charges. Annual
				rental or carrying charges shall include the value or cost of heat, light, water,
				sewerage, parking facilities and cooking fuel that are provided to or incurred by
				the family in connection with its occupancy of a dwelling. In addition, carrying
				charges include rent normally associated with rental projects as well as other costs
				associated with cooperative apartments. There may also be included an amount equal
				to six percent of the original cash investment of the family in a mutual or
				cooperative housing project and the value or cost of repainting and replacing any
				fixtures or appliances.
(b)
				Notwithstanding (a) above, the Agency, in conjunction with any financing, may impose
				income limits at levels lower than those set forth above.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 8 - OCCUPANCY REQUIREMENTS REGARDING INCOME › Section 5:80-8.4 - Special Multiple Family Units within housing projects located in municipalities affected by casino gaming

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Special Multiple
				Family Units may be approved and designated by the Agency in accordance with this
				Section on application by the Housing Sponsor where the Agency determines the
				municipality wherein the project is located is experiencing housing shortages as a
				result of the authorization of casino gaming.
(b) A Special Multiple Family Unit is a dwelling
				unit specifically designed to accommodate two or more families as defined in
				5:80-8.1(c), and which
				has been so certified by the Agency after adequately meeting the following minimum
				criteria:
1. The dwelling unit has separate
				sleeping areas, each with adequate privacy, for each family; and
2. The dwelling unit has separate full bathrooms,
				each with adequate privacy, for each family; and
3. The rental of the dwelling unit complies with
				all relevant State and local occupancy laws.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 8 - OCCUPANCY REQUIREMENTS REGARDING INCOME › Section 5:80-8.5 - Recertification of income

Current through Register Vol. 56, No. 14, July 15, 2024
The procedure for calculation and certification of gross
				  aggregate family income in determining a family's eligibility for admission to a
				  housing project as required under this subchapter shall be conducted as set forth in
				  N.J.A.C. 5:80-20.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
It is the express purpose of the following regulations to promote
				  the statutory functions and obligations of the Agency by ensuring that the rents
				  and/or carrying charges applied in housing projects are sufficient to pay normal
				  operating, maintenance and utility costs; provide an adequate rate of return to
				  individuals or corporations that provide capital to assist in the development of
				  housing projects; provide debt service payments adequate to protect the financial
				  interest of the Agency and its bondholders; provide reserves for repair and
				  replacement; and ensure adequate, safe and sanitary housing for the low and moderate
				  income families that the Agency was created to serve.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.2 - Applicability

Current through Register Vol. 56, No. 14, July 15, 2024
The rules within this subchapter shall apply to all housing
				  projects. In the event the housing project is assisted, directly or indirectly, by
				  HUD or is financed by a loan from the Agency that is insured or guaranteed by the
				  United States, or any agency thereof, the Agency may utilize the rent regulations,
				  requirements, or criteria for such project prescribed, utilized, or required by HUD
				  or such guarantor or insurer. In the event there are any inconsistencies between
				  these rules and the regulations, requirements, or criteria of HUD or other United
				  States agency insuring or guaranteeing the Agency loan, the latter shall prevail. If
				  a housing project contains units that are rent-restricted pursuant to
				  26 U.S.C. §
										42(g), rents with respect to such
				  units are subject to, and may not under any circumstance exceed, any limitations
				  imposed pursuant to the Internal Revenue Code, as well as any limitations imposed
				  pursuant to this subchapter.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.3 - Rent determination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) At least once each
				year, each housing sponsor shall make a determination of the rents and/or carrying
				charges to be applied in the housing project. Hereinafter, the term "rent" shall be
				construed to include carrying charges and the term "housing sponsor" shall be
				construed to include a properly authorized representative of the housing sponsor. An
				annual rent determination shall be made regardless of whether or not a rent increase
				is being requested.
(b) The rent
				determination shall be in the form of a resolution or letter from the
				sponsor.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.4 - Rent increase application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Housing sponsors
				desiring to implement a rent increase of an amount greater than three percent of the
				current rent, or the increase which would be derived by multiplying the current rent
				by the increase, if any, in the overall Consumer Price Index for New
				York-Northeastern New Jersey as published by the United States Department of Labor,
				Bureau of Labor Statistics as of September 30 of the year preceding the year in
				which the increase is sought to be implemented, whichever is less, or for a project
				receiving subsidy, assistance, insurance or guarantee by HUD shall submit a rent
				increase application to the Agency's Director of Property Management. The
				application shall consist of the rent determination and the following supporting
				documents:
1. Name of sponsor, location of housing
				project, number of apartments of each type;
2. Date of initial occupancy;
3. For Section 236 developments, a status report
				on the housing project's implementation of its current energy conservation
				plan;
4. A narrative statement of the
				reasons for the rent increase;
5. Most
				recent certified audit report prepared in accordance with Agency
				regulations;
6. Summary of income and
				expenses for the preceding 12 month period prepared on an accrual basis for
				non-federally subsidized housing projects. For all projects with Federal subsidy,
				monthly operating reports will be required for the preceding three months;
7. Annual budget on which the requested rent
				increase is based; and
8. Copy of notice
				to tenants in accordance with
				5:80-9.6.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.5 - Additional rent increases in given fiscal year

Current through Register Vol. 56, No. 14, July 15, 2024
The submission of a rent increase application for any given
				  fiscal year shall not preclude any sponsor from making additional or revised rent
				  increase applications in the same fiscal year, provided that they are submitted in
				  accordance with all the procedures set forth in this subchapter. Rent increases
				  implemented pursuant to
				  5:80-9.4(c), however,
				  shall not be implemented more than once in any given fiscal year.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.6 - Notice to tenants and cooperators

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to or
				simultaneous with the submission of the rent increase application pursuant to
				5:80-9.4(a)  to the
				Agency, each housing sponsor shall provide, in writing, to each tenant and
				cooperator and conspicuously post at the housing project, a notice, in a form
				prescribed by the Agency, setting forth the following:
1. The rent determination;
2. A statement that the rent determination is
				subject to the review and approval of the Agency and, if applicable, subject to the
				review and approval of HUD;
3. Reasons
				for the increase;
4. A statement that
				tenants and cooperators will have 30 days to inspect the rent increase application
				submitted by the housing sponsor pursuant to
				5:80-9.4(a);
				and
5. A statement that written comments
				on the proposed rents may be submitted to the housing sponsor, managing agent or the
				Agency's Director of Property Management, at their current address within 30 days of
				the rent increase application being available for review.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.7 - Agency review

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Agency will review the rent increase
				application submitted pursuant to
				5:80-9.4(a)  to verify
				the need for the rent increase requested. If the application contains errors or
				omissions of a material nature, the Director of Property Management shall require
				the housing sponsor to submit the corrected or omitted material and provide tenants
				and cooperators with notice that they will have 15 days to inspect and comment upon
				the corrected or omitted material.
(b)
				Within 10 business days after receipt of the complete rent increase application and
				any comments thereto, the Agency shall:
1. For
				housing projects receiving subsidies under HUD, submit the rent increase application
				to HUD for approval pursuant to
				5:80-9.8;
2. For all other projects submitting a rent
				increase application pursuant to
				N.J.A.C.
				5:80-9.4(a), process the
				application in accordance with
				N.J.A.C.
				5:80-9.9 and , if applicable, 5:80-9.11. The
				10-business-day requirement in (b) above shall not apply to rent increases subject
				to a hearing as provided by
				N.J.A.C.
				5:80-9.11.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.8 - Rent increases approvable by the Department of Housing and Urban Development

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In all housing
				projects receiving subsidies under the Section 236 Interest Reduction Payments
				Program or Section 8 Housing Assistance Payments Program, rent increase applications
				shall be submitted to and are subject to approval by HUD, unless the rent increase
				is automatically authorized pursuant to
				5:80-9.4(b).
(b) Upon verification of the completeness,
				accuracy and validity of the rent increase application pursuant to its review under
				5:80-9.7, the Agency will forward the
				rent increase application to HUD for final action. The Agency will notify the
				housing sponsor of HUD's final decision.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.9 - Increases approved by Agency

Current through Register Vol. 56, No. 14, July 15, 2024
(a) If the rents are not
				subject to review and approval by HUD nor subject to automatic annual adjustments
				pursuant to a valid Housing Assistance Payments contract, then the Executive
				Director may make or approve a rent increase without a hearing as long as the
				resulting rents do not exceed the rents in effect for the same units in the housing
				project at any time in the previous 12 months by more than the combined percentage
				of paragraphs 1 and 2 below:
1. The percentage
				increase in the Consumer Price Index for rent and utilities for the most recently
				preceding 12 month period for which information has been published by the United
				States Department of Labor; plus
2.
				Either of:
i. The percentage, up to a maximum of
				12 percent annually, needed to fund operating deficits, debt service arrears or
				reserves for repair and replacement incurred at the housing project during the
				preceding 12 months, provided that no part of the rent increase includes an amount
				allocated toward providing a return on equity to the sponsor; or
ii. The percentage, up to a maximum of six percent
				annually, needed to offset an inability to provide a return on equity and to offset
				operating deficits, debt service arrears or reserves for repair and replacement
				delinquencies incurred during the preceding 12 months, if all or a portion of the
				requested increase is intended to pay return on equity.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.10 - Resetting of rent upon unit vacancy

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding the
				provisions of this subchapter, and subject to any more restrictive Federal or State
				laws or monthly fee limits for ALR units under
				N.J.A.C.
				5:80-9.14, the rent for an individual
				affordability-restricted unit may be reset up to the maximum amount for such unit
				upon the vacancy thereof where the tenant has died or voluntarily vacated,
				abandoned, or been legally evicted from the unit.
1. In determining the maximum rent, the
				calculation shall be based upon the applicable maximum allowable income assuming
				residence by 1.5 persons per bedroom and the payment of no more than 30 percent of
				the maximum allowable income for rent.
2. The maximum rent for any
				affordability-restricted unit shall be determined in accordance with (a)1 above
				pursuant to the most recent year's figures as shown on that chart of the maximum
				allowable rents, which is available on the Agency's website at
http://njhousing.gov/
				dca/hmfa/developers/credits/compliance/limits.shtml
.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.11 - Increase subject to hearing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In projects not
				subject to HUD approval nor subject to automatic annual adjustments, if the
				Executive Director of the Agency approves a rent increase which exceeds the amounts
				specified in 5:80-9.9(a), in order
				to cover any purpose including but not limited to operating deficits, debt service
				arrears, reserves for repair and replacement delinquencies incurred during the
				preceding 12 months, inability to pay return on equity, increases in permitted
				return on equity and accelerated amortization of any supplemental financing, then
				any person, association or corporation aggrieved by such determination may file for
				a hearing by submitting a written request to the Executive Director. Housing
				sponsors shall give written notice to all tenants and cooperators affected by such
				rent increase approved by the Executive Director and of their opportunity to request
				a hearing. Persons, associations or corporations aggrieved by the increase must file
				their request for a hearing within 21 days of said notice.
(b) Upon receipt of a request for a hearing or
				upon his or her own initiative, the Executive Director shall request that the Office
				of Administrative Law conduct same. All hearings shall be conducted according to the
				procedures established by the Office of Administrative Law pursuant to
				52:14B-10.
				When the date of the hearing has been established, housing sponsors shall provide
				notices, in a manner approved by the Agency, of the date, time, place and nature of
				said hearing to all tenants, cooperators and other persons requesting notice of said
				hearing. The scope of the hearing shall be limited to consideration of the amount in
				excess of the increases approvable by the Executive Director under
				5:80-9.9(a). Upon
				review of the record submitted by the administrative law judge, the Agency members
				shall adopt, reject or modify the recommended decision and issue a final written
				order.
(c) The request for a hearing, or
				the hearing itself, shall in no way affect or delay the authority of the Executive
				Director to approve increases up to the amounts specified pursuant to
				5:80-9.9(a). If the
				Executive Director approves an amount equal to or less than the amount calculated in
				accordance with 5:80-9.9(a), then no
				hearing is required.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.12 - Notice of final approval

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon final action by
				HUD or the Agency, the Agency will provide written notice to the housing sponsor of
				the finally approved rent increase. Such notice will set forth in writing the
				reasons for the Agency's decision with regard to the finally approved rent
				increase.
(b) The housing sponsor shall
				provide written notice of the finally determined rent increase and the reasons for
				the Agency's decision with regard thereto and, if applicable, the Agency's
				calculations pursuant to
				5:80-9.9(a)  to all
				tenants and cooperators, as well as all other interested parties. Written notice
				shall be provided to each tenant by mail or by hand delivery to the
				tenant/cooperator's apartment or by personal service and shall be posted in
				conspicuous places throughout the housing project. Other interested parties may
				receive a copy of the final notice if they provide a written request for same to the
				sponsor.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY › Subchapter 9 - RENTS › Section 5:80-9.13 - Effective date of increase

Current through Register Vol. 56, No. 14, July 15, 2024
The new rents shall be effective on the first day of the month
				  following one calendar month's written notice to the tenants, cooperators and other
				  interested parties which submitted a written request for the notice.