New Jersey § 55:14k-73

§ 55:14k-73.

The Legislature finds and declares that: a. New Jersey has the second largest population of senior residents in the country

and many persons with disability and each decennial census reveals a significant increase

in this population; b. Given the relatively onerous property tax burden within this State, the high cost

of living, and increasing medical costs, many seniors and persons with disability

on fixed incomes find it increasingly difficult to maintain a decent standard of living; c. Cooperative housing arrangements, in which seniors or disabled persons share accommodations

with others, whether as homeowners or renters, providing the opportunity for social

interaction, housekeeping assistance, and other prerequisites of daily living, allow

for the pooling of the cost of owning and maintaining or renting a residence while

at the same time affording residents the privacy they desire and deserve; d. In addition, given the astronomical costs of health care and nursing home care,

this arrangement may prove to be a viable option for many seniors and persons with

disability who do not have the financial or other resources necessary to remain economically

independent and enjoy a high qualify of life; and e. Accordingly, it is the purpose of this act to foster the creation of affordable

housing arrangements for low and moderate income seniors and persons with disability

by establishing a program to aid qualified housing sponsors in developing affordable

cooperative housing for occupancy by seniors and persons with disability of limited

economic means who will share certain responsibilities and costs for property maintenance

and other necessities as may be agreed to.