55:14K-67. Rental Housing Incentive Guarantee Fund established
197 words·~1 min read·
/nj/title-55/chapter-14k/55-14k-67·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. a. There is hereby established in the agency the Rental Housing Incentive Guarantee Fund, which shall be non-revolving, for the purpose of funding loan guarantees authorized pursuant to this act.
b. There shall be paid into the fund:
(1)moneys allocated to the agency under agreements made with the New Jersey Economic Development Authority pursuant to section 9 of this act and
(2)any other funds that may be made available to the fund by the agency, such as funds available from bond redemptions or refundings, federal funds, available reserves, moneys available from the Revolving Housing Development and Demonstration Grant Program fund established pursuant to section 5 of P.L.1967, c.82 (C.52:27D-63), or any moneys available from any other program the purpose of which is to promote affordable housing, up to an amount not to exceed $10,000,000, which shall be based on lender participation and program demands.
c. Moneys in the fund shall be used exclusively for
(1)making payments in fulfillment of the terms of loan guarantees entered into pursuant to section 5 of this act; and
(2)defraying the administrative costs of the agency in carrying out the purposes and provisions of this act.
L.1995,c.359,s.4.