N.J. Admin. Code § 5:80-32.3
Current through Register Vol. 57, No. 1, January 6, 2025
Any prepayment of the first mortgage subsequent to a housing investment sale as may be permitted by the Agency's rules on prepayment shall not operate to relieve the buyer of the continuing requirements of this subchapter. As a condition to prepayment, a new or amended deed restriction, as may be required by the Agency, shall be recorded upon prepayment and shall contain the same affordability restrictions as the project's deed restriction in effect at the time of prepayment. The affordability provisions shall continue from the date of prepayment through the end of the regulatory period, as required by this subchapter, and the project's deed restriction in effect at the time of prepayment.
N.J. Admin. Code § 5:80-32.3