55:14K-61. Selection of eligible projects
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/nj/title-55/chapter-14k/55-14k-61·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
8. In selecting eligible projects to receive loans from the fund, the agency shall accord priority to programs in which:
a. Private donors or local units of government contribute land or money to make the program feasible.
b. Financial or other contributions from public or private sources, including tax abatements, waivers of fees relating to development, waivers of construction, development or zoning requirements, will reduce the cost of homes to be constructed or substantially rehabilitated.
c. Use of the loans will be efficient, as measured by the number of dwelling units produced in proportion to the amount of all loans, having due regard to the difference of construction costs in different housing regions and to the relative costs of different family-size units.
d. Construction costs per square foot compare favorably with average costs in the same housing region.
e. The project will contribute significantly to the rehabilitation of or removal or prevention of blight in the area in which it is located, in the judgment of the agency, regardless of whether the area has been formally designated, in accordance with statutory procedures, as blighted or in need of rehabilitation.
f. The design of the project provides for the involvement of local residents in its planning and execution.
g. The design of the project encourages the development of housing units suitable for and attractive to households consisting of extended families, comprising persons related by birth, marriage or descent, being of different generations or adult siblings of the same generation, or both, living together as a single household and sharing accommodations, facilities and functions within the family unit appropriate to their respective ages, abilities and resources.
L.1995,c.343,s.8.