New Jersey § 55:14k-58
Full text of New Jersey New Jersey Statutes § 55:14k-58, with citation guidance and answers to common questions.
§ 55:14k-58.
a. There is hereby established in the agency the Affordable Home Ownership Opportunities
Program and the Affordable Home Ownership Opportunities Fund, which fund shall be
continuing and nonlapsing, for the purpose of assisting the financing of eligible
projects pursuant to this act. Moneys in the fund not immediately required for payment or liquid reserves may be
invested and reinvested by the agency in the same manner in which other agency funds
may be invested. b. There shall be paid into the fund: (1) otherwise uncommitted reserves of the agency
and available for this purpose, in amounts to be determined by the agency to be prudent
and appropriate; (2) any income earned upon investment of moneys in the fund by the
agency pursuant to subsection a. of this section; and (3) any other funds that may
be available to the fund through appropriation by the Legislature or otherwise. c. Moneys in the fund shall be used exclusively for (1) funding loans pursuant to
section 6 of this act 1 and (2) defraying the administrative costs of the agency in carrying out the purposes
and provisions of this act, but not more than two per cent of the proceeds of the
bonds authorized and actually expended pursuant to section 4 of this act 2 shall be used for such administrative costs. d. Interest upon loans to eligible purchasers shall be established by the agency at
the lowest rate compatible with the integrity of the fund and its proper administration,
maintenance of adequate reserves and the ability of the agency to pay the interest
upon and repay the principal of bonds under the program. 1
N.J.S.A. § 55:14k-59 2
N.J.S.A. § 55:14k-57
Frequently Asked Questions About New Jersey § 55:14k-58
What does New Jersey Statutes § 55:14k-58 cover?
Section 55:14k-58 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 55:14k-58?
A common citation format is "New Jersey Statutes § 55:14k-58" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 55:14k-58 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.