N.J. Admin. Code § 5:80-33.29
Section 42(h)(6) of the Code requires the project owner to enter into an "extended low-income housing commitment agreement" that adds an additional 15-year low-income occupancy requirement to the initial 15-year compliance period. The agreement shall be recorded in order to claim the tax credits when filing Federal tax returns. Owners must complete NJHMFA's deed of easement and restrictive covenant at the latter of the carryover allocation described at N.J.A.C. 5:80-33.24(a)1 or acquisition of the property. Upon receipt and review of a complete and fully executed agreement, NJHMFA shall file the restrictive covenant pursuant to State law. For projects that received points for agreeing to extend the project compliance period beyond the minimum 15-year period, the deed of easement and restrictive covenant shall reflect the increased compliance term stated in the application.
N.J. Admin. Code § 5:80-33.29
See: 30 New Jersey Register 1132(a), 30 New Jersey Register 1978(a).
Former N.J.A.C. 5:80-33.32, Compliance monitoring fee, was recodified to N.J.A.C. 5:80-33.37.
Recodified from N.J.A.C. 5:80-33.32 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. 5:80-33.30, Placed in service needs analysis, recodified to N.J.A.C. 5:80-33.28.
Amended by R.2000 d.132, effective 3/20/2000.
See: 32 New Jersey Register 191(a), 32 New Jersey Register 1065(a).
Substituted "at the later of the carryover allocation described at N.J.A.C. 5:80-33.26(a)1 or acquisition of the property" for "above" at the end of the third sentence.
Recodified from N.J.A.C. 5:80-33.30 by R.2001 d.170, effective 5/21/2001.
See: 33 New Jersey Register 932(a), 33 New Jersey Register 1573(b).
Former N.J.A.C. 5:80-33.31, Returning credits, recodified to N.J.A.C. 5:80-33.32.
Recodified from N.J.A.C. 5:80-33.31 and amended 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. 5:80-33.29, Placed in service needs analysis, recodified to N.J.A.C. 5:80-33.27.
Amended by R.2006 d.112, effective 3/20/2006.
See: 37 New Jersey Register 3879(a), 38 New Jersey Register 1432(a).
Deleted "Applicants are responsible for paying the fee required to record the agreement in the County Clerk's Office".