N.J. Admin. Code § 5:80-26.22

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

Section 5:80-26.22 - State option on 95/5 units

(a) When the DCA or the Agency elects to purchase a 95/5 unit pursuant to N.J.A.C. 5:93-9.4 and this section, it may:

1. Convey or rent the 95/5 unit to a low-or moderate-income purchaser or tenant at a price or rent not to exceed the allowable restricted sales price or rental; or

2. Convey the unit at fair market value and utilize the price differential to subsidize the construction, rehabilitation or maintenance of low-and moderate-income housing within the appropriate housing region.

N.J. Admin. Code § 5:80-26.22

New Rule, R.2004 d.475, effective 12/20/2004.
See: 36 New Jersey Register 3655(a), 36 New Jersey Register 5713(a).