New Jersey § 55:14k-74

§ 55:14k-74.

As used in this act: “ Agency ” means the New Jersey Housing and Mortgage Finance Agency. “ Annual income ” means total income, from all sources, during the last full calendar year preceding

the filing of an application for a loan pursuant to this act. “ Bonds ” means bonds, notes or any other form of evidence of indebtedness of the agency,

bearing either a fixed rate or a variable rate of interest, issued by the agency. “ Eligible project ” means a project undertaken by a qualified housing sponsor to create housing for

shared occupancy by seniors or persons with disability of low or moderate income,

whether for homeownership or rental, which meets the standards of eligibility for

loans under the program created by section 4 of P.L.1998, c.128 ( C.55:14K-75 ). “ Eligible purchaser ” means a purchaser of a dwelling unit in an eligible project who fulfills the definition

of a senior or person with disability pursuant to this section, is of low or moderate

income and to whom a loan may be made under the program pursuant to section 4 of P.L.1998, c. 128 ( C.55:14K-75 ). “ Fund ” means the Senior and Disabled Cooperative Housing Incentive Fund established by

section 6 of P.L.1998, c. 128 ( C.55:14K-77 ). “ Housing region ” means a housing region as defined in subsection b. of section 4 of P.L.1985, c.

222 ( C.52:27D-304 ) and determined by the Council on Affordable Housing pursuant to section 7 of P.L.1985,

c. 222 ( C.52:27D-307 ). “ Low income ” means a gross annual household income equal to 50% or less of the median gross annual

household income for households of the same size within the relevant housing region. “ Moderate income ” means a gross annual household income equal to not more than 80%, but more than

50% of the median gross annual household income for households of the same size within

the relevant housing region. “ Person with disability ” means any person who is 18 years of age or older and who fulfills the definition

of having a “disability” pursuant to section 3 of the “Americans with Disabilities

Act of 1990,” 42 USC § 12102 ). “ Program ” means the New Jersey Senior and Disabled Cooperative Housing Finance Incentive Program

created by P.L.1998, c. 128 ( C.55:14K-72 et seq. ). “ Qualified housing sponsor ” means any corporation or association of persons organized under the New Jersey Statutes,

or any other corporation having for one of its purposes the improvement of realistic

opportunities for low income and moderate income housing, as defined pursuant to the

“Fair Housing Act,” P.L.1985, c. 222 ( C.52:27D-301 et al.), and appearing capable, by virtue of past activities, qualifications of staff

or board, or other features, of furthering the purposes of P.L.1998, c. 128 ( C.55:14K-72 et seq. ). “ Retrofitting ” means renovating or remodeling an existing residential or non-residential structure

to allow for cooperative living. “ Senior ” means an individual who is 55 years of age or older. “ Substantial rehabilitation ” means repair, reconstruction or renovation which (1) costs in excess of 60% of the

fair market value of a rehabilitated dwelling after such repair, reconstruction or

renovation, or (2) renders a previously vacant and uninhabitable dwelling safe, sanitary

and decent for residential purposes or (3) converts to safe, sanitary and decent residential

use a structure previously in non-residential use.