N.J. Admin. Code § 5:80-30.1

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

Section 5:80-30.1 - Definitions

The following terms, when used in this subchapter, shall have the following meanings:

"Qualifying development" means an Agency-financed housing project owned by a nonprofit sponsor, except for projects receiving Section 8 subsidies pursuant to an Annual Contributions Contract executed after the adoption of regulations by the U.S. Department of Housing and Urban Development on February 29, 1980, at 24 CFR 883, which has:

1. Produced a positive cash flow from operations in each of the past three fiscal years; and

2. Been current in all escrow and debt service payments for the past three fiscal years.

"Residual receipts" means the balance of funds remaining after the deduction of the following items from the cash and the investment accounts of a qualifying development:

1. Debt service arrearages;

2. Current unpaid invoices;

3. Three months of operating expenses (for senior citizen projects) or six months of operating expenses (for family projects), which includes debt service and reserve payments, of the latest Agency approved annual budget;

4. Full funding of all required reserve accounts;

5. Anticipated or proposed capital improvements; and

6. Any other current obligations of the qualifying development.

N.J. Admin. Code § 5:80-30.1