40A:20-13.1. Tax exemption
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/nj/title-40a/chapter-20/40a-20-13-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. The provisions of sections 12 and 13 of P.L.1991, c.431 (C.40A:20-12 and C.40A:20-13) to the contrary notwithstanding, a qualified subsidized housing project may be exempted from taxation for such period of time as the federal agency subsidizing the project may require as a condition of the subsidy. The exemption from taxation may be extended for an additional period of time as may be required in order to secure a continuation of federal subsidies after the expiration of the initial subsidy period.
L.1994,c.87,s.4.