N.J. Admin. Code § 5:11-3.6

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:11-3.6 - Downpayment assistance

(a) displaced tenant who is eligible to receive a rental assistance payment or a displaced owner-occupant of fewer than 180 days may elect to purchase a comparable replacement dwelling and, if he does so purchase, he shall receive an amount not to exceed $ 4,000 or the amount necessary in order to make a downpayment on the purchase of a comparable standard dwelling adequate to accommodate such person and his family, whichever is less, subject to the following:

1. The full amount of the payment must be applied to the purchase price, including incidental payments, and must be listed on the settlement statement; and

2. Any rental assistance previously paid to the displaced individual shall be deducted from the downpayment assistance.

3. In the event the total of the minimum downpayment needed and incidental closing costs exceeds $ 2,000, the displacee must match dollar for dollar the amount in excess of $ 2,000, to a maximum payment of $ 4,000.

4. If the displacee chooses to purchase a building containing more than one dwelling unit or commercial space, downpayment assistance shall be limited to that portion of the minimum downpayment required that is attributable on a pro rata basis to the dwelling unit to be occupied by the owner.

N.J. Admin. Code § 5:11-3.6

Amended by R.1984 d.127, effective 4/16/1984.
See: 16 N.J.R. 175(a), 16 N.J.R. 870(b).
Recodified from N.J.A.C. 5:11-3.3
Substantially amended.