New Jersey § 55:14k-89

§ 55:14k-89.

As used in sections 9 through 14 of P.L.2008, c. 127 ( C.55:14K-89 et seq. ): “ Affordable rent ” means monthly rent or lease payments that do not exceed 33% of the household's monthly

average gross income. “ Agency ” means the New Jersey Housing and Mortgage Finance Agency established pursuant to

P.L.1983, c. 530 ( C.55:14K-1 et seq. ). “ Commissioner ” means the Commissioner of Community Affairs. “ Homeowner ” means the individual who holds legal title to a residential real property that is

the individual's principal dwelling and is in imminent danger of foreclosure. “ Household ” means a homeowner and individuals who resided with the homeowner at the time the

lease-purchase agreement was executed and continue to reside with the homeowner at

the time the agreement of sale is executed. “ HUD ” means the United States Department of Housing and Urban Development. “ HUD certified housing counseling agency ” means a community-based non-profit organization, as demonstrated by section 501 (c)(3) of the Internal Revenue Code of 1986 , 26 U.S.C. s.501(c)(3) , which has been certified by the United States Department of Housing and Urban Development

as experienced in housing counseling for at least one year prior to receiving certification. “ Fund ” means the Housing Assistance and Recovery Program Support Fund established by section

10 of P.L.2008, c. 127 ( C.55:14K-90 ). “ Lease-purchase agreement ” means a use and occupancy agreement approved by the agency whereby the sponsor acquires

title to the homeowner's property and agrees to permit the former homeowner to use

and occupy the property for a period not to exceed 36 months at an affordable rent. “ Lender ” means the owner of the homeowner's mortgage. “ Maximum income limit ” means a household income that does not exceed 120% of the area median income, as

defined for New Jersey in guidelines published annually by the United States Department

of Housing and Urban Development, or that does not exceed the New Jersey Housing and

Mortgage Finance Agency's Mortgage Revenue Bond Program income limits, whichever is

greater. “ Program ” means the “New Jersey Housing Assistance and Recovery Program.” “ Property ” means a one-, two-or three-family dwelling that is the primary residence of the

household. “ Sponsor ” means a non-profit community development corporation, a non-profit housing counseling

organization, or a public entity, including a municipality, county, or a municipal

or county authority. “ Trained foreclosure prevention and default mitigation counselor ” means a housing counselor employed by a HUD certified housing counseling agency

who has successfully completed a foreclosure prevention and default mitigation training

course provided by a nationally recognized homeownership education and counseling

organization such as course HO345d-rq “Foreclosure Intervention and Default Counseling

Certification Part I” provided by the NeighborWorks America Center for Homeownership

Education and Counseling.