N.J. Admin. Code § 5:80-6.7

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

Section 5:80-6.7 - Use of DCE and CDE for development of housing

(a) In addition to the uses permitted under N.J.A.C. 5:80-6.4, 6.5, and 6.6, housing sponsors, or the authorized entity within the housing sponsor's organizational structure with financial control over the DCE and/or CDE accounts, may, with Agency approval, use DCE and CDE funds, and interest thereon, for the development, operation, maintenance, construction, rehabilitation, or improvement of or investment in additional housing within the State. DCE and CDE funds may only be used for such purposes if the Agency determines that DCE and CDE funds are not needed to ensure the financial viability or physical structure of the project. This includes, but is not limited to, a finding by the Agency that the project has surplus cash and that DCE and CDE funds are not needed for providing an additional source of operating revenue to assist in financing any other aspect of the current or future operations of the project.

(b) Housing sponsors, or the authorized entity within the housing sponsor's organizational structure with financial control over the DCE and/or CDE accounts, may use DCE and CDE funds as specified in (a) above or may deposit DCE and CDE funds with the Agency to be used by the Agency itself or by the Agency in conjunction with other developers for the purposes and under the conditions outlined in (a) above.

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