N.J. Admin. Code § 5:80-2.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:80-2.1 - Rights of housing sponsors

(a) Wherever possible, the Agency will permit, provide for and encourage the right of local housing sponsors to exercise their own initiative and competence in the administration of their assets and the conduct and operation of housing projects, and exercise their rights and responsibilities to the fullest extent permitted by law.

(b) The provisions of the Act pertaining to the regulation and assumption of powers and duties of housing sponsors shall be for the purposes of protecting the collateral for any loan or loans; implementing or enforcing any condition, requirement or criterion for loans or any agreement between a housing sponsor and the Agency; securing the rights and remedies of lenders and bondholders; and protecting the interests of tenants at housing projects.

Amended by R.2005 d.219, effective 7/5/2005.
See: 37 New Jersey Register 970(a), 37 New Jersey Register 2476(a).
In (b), substituted "a" for "the" following "or any agreement between" and substituted "housing" for "the" preceding "projects".