N.J. Admin. Code § 5:80-26.17

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

Section 5:80-26.17 - Procedures for changing administrative agents

(a) In order to ensure an orderly transfer of control responsibility from a municipality to an administrative agent, from one administrative agent to another administrative agent, or other transfer, the following minimum requirements are necessary before or during the transition:

1. A letter advising of the change shall be sent to all low-and moderate-income homeowners in the case of ownership units, and all landlords or their agents in the case of rental developments;

2. In the case of ownership units, legal assignments to the name of the new administrative agent of all restriction instruments shall be prepared and recorded;

3. Hard copy files on each unit, to contain at a minimum the original deed restriction, repayment mortgage and mortgage note (if applicable), the application materials, verifications and certifications of all present owners, pertinent correspondence, any documentation of home improvement, hardship waiver or other approvals granted by the former administrative agent and other miscellaneous correspondence, shall be physically transferred to the custody of the incoming or new administrative agent; and

4. The new administrative agent must be provided with:

i. A written methodology, such as the operating manual required in this subchapter, applied in the past and to be applied in the future for a calculation of maximum resale prices and rents;

ii. The base sales price or initial base rent for each unit;

iii. Identification for each unit as to whether categorized as low-income or moderate-income;

iv. A description of the number of bedrooms and physical layout of each unit;

v. Floor plans; and

vi. In the case of condominiums and units within a homeowner association, a copy of the master deed and public offering statement.

(b) HAS shall assume the duties of administrative agent by default with respect to any restricted units that are not effectively under the supervision of a competently performing administrative agent as determined by COAH, in the case of units receiving COAH credit, or by DCA, in the case of units receiving Balanced Housing funding but not receiving COAH credit.

N.J. Admin. Code § 5:80-26.17

Recodified from N.J.A.C. 5:80-26.16 and amended by R.2004 d.475, effective 12/20/2004.
See: 36 New Jersey Register 3655(a), 36 New Jersey Register 5713(a).
Rewrote the section. Former N.J.A.C. 5:80-26.17, Enforcement, recodified to N.J.A.C. 5:80-26.18.