New Jersey § 55:14k-86
Full text of New Jersey New Jersey Statutes § 55:14k-86, with citation guidance and answers to common questions.
§ 55:14k-86.
The agency shall set aside all $10,800,000 of the funds appropriated to the Mortgage
and Neighborhood Stabilization Financing Assistance Program Fund to be used for the
purpose of financing the acquisition and rehabilitation of eligible properties by
qualified entities subject to the following requirements: a. $8,600,000 of the funds appropriated to the Mortgage and Neighborhood Stabilization
Financing Assistance Program Fund shall be used to provide loans or permanent loan
capital to Community Development Financial Institutions for such purposes. b. In order to be eligible to receive funds under this section, a Community Development
Financial Institution shall demonstrate to the agency, in such form and manner as
the agency shall prescribe: (1) that it is financially sound; (2) that it has experience financing the acquisition and rehabilitation of housing
in the State of New Jersey; (3) that it has a plan for the utilization of funds received under this section compliant
with the requirements of subsection c. of this section and appropriate to further
the acquisition and rehabilitation of eligible properties by qualified entities;
and (4) any other eligibility criteria as the agency may prescribe. c. A Community Development Financial Institution receiving funds under this section,
shall use these funds to provide direct loans, establish lines of credit, or provide
credit enhancements for loan pools or loans by third parties as may be appropriate
to further the acquisition and rehabilitation of eligible properties by qualified
entities. d. A Community Development Financial Institution receiving funds under this section,
shall maximize the extent to which those funds will leverage private financing. e. All loans made by Community Development Financial Institutions under this section
shall be secured by a mortgage on the subject property. f. Community Development Financial Institutions receiving funds under this section
shall adopt written loan criteria as the agency may prescribe for all loans made,
which shall take into account the development capacity and financial soundness of
the loan recipient, market conditions in the areas in which eligible properties are
located, and the reuse potential of such properties. g. A Community Development Financial Institution receiving funds under this section
shall provide semi-annual reports to the agency, in such form and manner as the agency
shall prescribe, on activities carried out with those funds and the compliance of
the institution with the requirements of this section and the regulations adopted
thereunder.
Frequently Asked Questions About New Jersey § 55:14k-86
What does New Jersey Statutes § 55:14k-86 cover?
Section 55:14k-86 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-86?
A common citation format is "New Jersey Statutes § 55:14k-86" (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-86 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.