N.J. Admin. Code § 5:80-33.23
In accordance with Section 42(m)(2) of the Code, NJHMFA evaluates the need for the tax credit at the time of application, the time of allocation, and after the building is placed in service. The credit amount allocated is limited to the lesser of the credit amount based on the needs analysis or the credit amount generated from the project's qualified basis (as potentially capped by the eligible basis limits). The determination of whether the credit amount reserved is needed for the financial feasibility and continued viability of the project shall include an examination as to whether there have been increases or decreases in project costs, other funding sources, or rental subsidies that would result in a higher allocation than needed. If NJHMFA has a reasonable basis for concluding the equity factor submitted by the applicant is inconsistent with market conditions, NJHMFA reserves the right to adjust the equity factor in its underwriting. Any substantive changes to the project's financing plan or costs shall be explained in detail and may cause the project to be reconsidered by NJHMFA.
N.J. Admin. Code § 5:80-33.23
See: 30 New Jersey Register 1132(a), 30 New Jersey Register 1978(a).
Added a new fourth sentence. Former N.J.A.C. 5:80-33.27, Extended use agreement, was recodified to N.J.A.C. 5:80-33.32.
Recodified from N.J.A.C. 5:80-33.27 by R.1999 d.120, effective 4/5/1999.
See: 31 New Jersey Register 122(a), 31 New Jersey Register 860(a).
Former N.J.A.C. 5:80-33.25, Application needs analysis, recodified to N.J.A.C. 5:80-33.23.
Amended by R.2000 d.132, effective 3/20/2000.
See: 32 New Jersey Register 191(a), 32 New Jersey Register 1065(a).
Inserted "at the time" following "tax credit" in the first sentence.
Recodified from N.J.A.C. 5:80-33.25 by R.2003 d. 300, effective 7/21/2003.
See: 35 New Jersey Register 1616(a), 35 New Jersey Register 3298(b).
Former N.J.A.C. 5:80-33.23, Application needs analysis, recodified to N.J.A.C. 5:80-33.21.