N.J. Admin. Code § 5:80-6.4

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

Section 5:80-6.4 - Use of funds with regard to projects subsidized under Section 8

(a) With the approval of the Agency, the principal of the Development Cost Escrow shall be used to fund debt service arrearages and other operating deficits at the project, including appropriate funding of required reserve accounts as determined by the Agency and for such other purposes as may be approved by the Agency that will improve the financial viability or physical structure of the project or increase tenant safety and/or comfort.

(b) With the approval of the Agency, the principal of the Community Development Escrow shall be used for any use permitted under (a) above or to increase amenities of the project; reduce maintenance and replacement costs of the project; provide or assist desirable social services benefiting the residents of the project or the community in which it is located; and finance various community development activities in the community in which the project is located.

Adopted by 50 N.J.R. 1479(a), effective 7/2/2018