N.J. Admin. Code § 5:13-1.2
Current through Register Vol. 56, No. 21, November 4, 2024
(a) These rules shall apply to and control all housing sponsors formed under the provisions of the Limited Dividend Nonprofit Housing Corporations or Associations Law, P.L. 1949, c.184, as amended (the former N.J.S.A. 55:16-1 et seq.) and remaining subject to the jurisdiction established under that act in accordance with the Long Term Tax Exemption Law, P.L. 1991, c.431; provided, however, that the provisions of N.J.A.C. 5:13-2 (Limited Dividend Housing Corporations and Associations as Cooperatives) shall apply only to housing sponsors organized as cooperatives financed under a FHA insured (Section 213) mortgage, and provided further that nothing herein shall be construed to abrogate or set aside such regulatory agreements as have been approved by the Authority prior to the date of these regulations insofar as the provisions thereof are not inconsistent with the regulations. These rules shall also apply to and control all housing sponsors formed under the provisions of the Long Term Tax Exemption Law, P.L. 1991, c.431.(b) For the purpose of encouraging development of housing projects under these regulations and to enable housing sponsors to obtain the necessary financing through FHA or HMFA, the State Administrator may waive any regulations herein where such waiver is in the public interest and there is a conflict between these regulations and either FHA or HMFA requirements.(c) The Authority may approve or adopt by reference, in whole or in part, any regulatory agreement between a housing sponsor and a State or Federal financing or insuring agency in which the terms and conditions of construction, operation and maintenance of the project are specified which substantially conform with the purposes and intent of the Act and this Chapter; provided however, that nothing herein shall be construed to prevent the Authority from inspecting and investigating any project under such regulatory agreement to assure compliance with the Act and this Chapter.(d) The Authority may delegate to any State or Federal financing or insuring agency such responsibilities and duties imposed upon the Authority by the Act or this Chapter as may be consistent with the intent and purpose of the regulations and consistent with public policy and the protection of rights and remedies provided for thereunder; provided however, nothing herein shall be construed to prohibit the Authority from rescinding such delegation in the event such State or Federal agency fails to perform such delegated duties and responsibilities in a responsible manner; nor to prohibit the Authority from conducting such investigations and inspections it deems necessary and appropriate to assure compliance with the requirements of the Act and this Chapter.(e) Approval by the Authority of any regulatory agreement as specified in subsection (c) of this Section or delegation of responsibilities and duties as provided for in subsection (d) of this Section shall be in writing and a copy of each such regulatory agreement and delegation shall be maintained on file by the State Deputy Administrator.(f) In all matters pertaining to implementation and enforcement of this Chapter, the Deputy Administrator shall act as the duly authorized delegate of the State Administrator. Whenever this Chapter refers to the State Administrator it shall be construed to include the Deputy Administrator unless specifically provided otherwise.N.J. Admin. Code § 5:13-1.2
Amended by R.1988 d.49, effective 2/1/1988.
See: 19 N.J.R. 1861(a), 20 N.J.R. 256(a).
Changed "HFA" to "HMFA".
Amended by R.1992 d.290, effective 7/20/1992.
See: 24 N.J.R. 1668(a), 24 N.J.R. 2556(b).
Reference to condominium deleted; N.J.S.A. citation updated.
Amended by R.2001 d.282, effective 8/20/2001.
See: 33 N.J.R. 1226(a), 33 N.J.R. 2807(b).
In (a), inserted "the former" preceding "N.J.S.A. 55:16-1 et seq." and added the last sentence .