55:14K-98 Entry into contracts, loans.
237 words·~1 min read·
/nj/title-55/chapter-14k/55-14k-98·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
5. a.
(1)The agency may enter into contracts or loans, or both, with one or more foreclosure intervention contractors to negotiate, bid for, and purchase eligible properties and mortgage assets for the purpose of facilitating the program. In selecting foreclosure intervention contractors, the agency shall accord a strong preference to entities that have substantial experience in and substantial knowledge of the State's real estate markets.
(2)Should the agency contract with a foreclosure intervention contractor for the purposes of section 5 of P.L.2021, c.34 (C.55:14K-98), the contract shall specify the amounts, schedules, and types of funding to be provided by the agency to the foreclosure intervention contractor, the repayment schedule for the portion of that funding to be repaid, and targeted goals for homeowner interventions. The agency may condition funding and goals upon the availability of funds to the program. The contract shall specify reasonable administrative costs sufficient to enable the foreclosure intervention contractor to exercise its obligations pursuant to P.L.2021, c.34 (C.55:14K-94 et al.). The contract shall set forth criteria for instances when the purchase, sale, lease, and conveyance of properties furthers the purposes of P.L.2021, c.34 (C.55:14K-94 et al.).
b. All purchases, sales, leases, and conveyances of property by foreclosure intervention contractors exercised pursuant to this section shall be deemed to lessen the burdens of government in furthering the purposes of P.L.2021, c.34 (C.55:14K-94 et al.).
L.2021, c.34, s.5; amended by 2023, c.76, s.3.