N.J. Admin. Code § 5:80-30.2

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

Section 5:80-30.2 - Uses of residual receipts

(a) For qualifying developments, residual receipts may be used:

1. To provide funding to expand the supply of "affordable rental housing" or to render financial assistance to other Agency financed or "affordable housing projects" (the terms "affordable rental housing" and "affordable housing project" shall mean housing with income unit distribution consistent with the requirements of tax-exempt financing pursuant to the then-current Internal Revenue Code);

2. For funding of supplementary services to the qualifying development, such as free senior citizens transportation, medical assistance and other social services programs and activities; and

3. For other uses as may from time to time, be requested, which will enhance the feasibility of a new project or the financial and social condition of an existing project.

(b) Residual receipt funding may include any one or more of the following:

1. First and supplemental mortgages, including construction mortgages;

2. Operating deficit subsidies;

3. Seed money loans; and

4. Grants.

(c) Disbursements of residual receipts shall be in the form of a loan, grant or equity contribution, as approved by the Agency, from the nonprofit sponsor to the entity receiving the funds. However, for all sponsors formed under N.J.S.A. 55:16-1 et seq., repealed by P.L. 1991, c.431, § 20, approval by the Public Housing Development Authority is required with respect to the form of the disbursement.

N.J. Admin. Code § 5:80-30.2

Amended by R.2005 d.219, effective 7/5/2005.
See: 37 New Jersey Register 970(a), 37 New Jersey Register 2476(a).
In (c), inserted "repealed by P.L. 1991, c.431, § 20, " following the N.J.S.A. reference.