55:14K-57. Amount set aside to provide mortgage loans
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/nj/title-55/chapter-14k/55-14k-57·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. a. In furtherance of the public policy of this act, the agency shall set aside, from the bonds of the agency, an amount to be determined by the agency of the total aggregate original principal amount of such bonds to provide mortgage loans to purchasers under the Affordable Home Ownership Opportunities Program created pursuant to this act.
b. The purpose of these bonds shall be to assist qualified nonprofit organizations in the creation of eligible low and moderate income housing projects in the manner and to the extent provided in the program established by this act.
c. The bonds shall bear the rate or rates of interest as may be determined by the agency, which interest shall be payable as may be determined by the agency.
L.1995,c.343,s.4.