N.J. Admin. Code § 19:31G-1.5

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31G-1.5 - Financial assistance: term; interest rate; transfer of title

(a) Loans from the Fund or loans guaranteed by the Fund shall be for a term of not more than 10 years.

(b) Loans to public entities shall bear an interest rate equal to two points below the Federal Discount Rate at the time of approval or at the time of loan closing, whichever is lower, except that the rate shall be no lower than three percent. Loans to persons shall bear an interest rate equal to the Federal Discount Rate at the time of approval or at the time of the loan closing, whichever is lower, with a minimum floor of five percent.

(c) Upon transfer of ownership of any real estate for which a loan was made from the Fund or a loan was guaranteed by the Fund, the unpaid balance of the loan shall become immediately due and payable. Notwithstanding the foregoing, the unpaid balance of the loan that is transferred by devise or succession shall not become immediately payable in full, and loan repayments shall be made by the new title holder of the real property.

N.J. Admin. Code § 19:31G-1.5

Amended by R.1995 d.435, effective 8/21/1995.
See: 27 N.J.R. 2377(a), 27 N.J.R. 3216(a).
Amended by R.2000 d.297, effective 7/17/2000.
See: 32 N.J.R. 1705(a), 32 N.J.R. 2602(c).
Rewrote (b).
Recodified from N.J.A.C. 19:31-8.4 and amended by R.2006 d.369, effective 10/16/2006.
See: 38 N.J.R. 3001(a), 38 N.J.R. 4503(a).
Section was "Terms of financial assistance". Rewrote (b) and (c). Former N.J.A.C. 19:31-8.5, Amount of financial assistance and grants, recodified to N.J.A.C. 19:31-8.6.

Recodified from 19:31-8.5 56 N.J.R. 807(a), effective 5/6/2024