55:14K-99 Foreclosure Intervention Fund.
191 words·~1 min read·
/nj/title-55/chapter-14k/55-14k-99·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
6. a. There is established within the agency a Foreclosure Intervention Fund, which shall be a non-lapsing, revolving fund and which shall be the repository for funds appropriated or otherwise made available for the purposes of P.L.2021, c.34 (C.55:14K-94 et al.), and any interest earned thereon. The fund shall be administered by the agency, in accordance with its authority under section 5 of P.L.1983, c.530 (C.55:14K-5) to manage funds for housing programs.
b. The agency may transfer into the fund any amounts held or received by the agency that are needed by the agency or its foreclosure intervention contractors for the purchase or rehabilitation of eligible property pursuant to P.L.2021, c.34 (C.55:14K-94 et al.).
c. The agency may use annually up to five percent of the monies available in the fund for the payment of any necessary administrative costs related to the administration of the program.
d. Revenue generated through the mechanisms established pursuant to N.J.S.2A:17-38 exceeding the funding plan developed pursuant to subsection d. of section 4 of P.L.2021, c.34 (C.55:14K-97) may be appropriated by the agency for additional foreclosure prevention programs.
L.2021, c.34, s.6; amended by 2023, c.76, s.4.