New Jersey § 34:1b-21

§ 34:1b-21.

a. The Legislature finds and declares that: (1) The State of New Jersey has the responsibility of providing for and assuring the

continued operation of safe and humane residences for individuals who require supportive

housing or extended care in a community residence; (2) The State of New Jersey requires additional funding to continue efforts to create

permanent supportive housing and community residences as alternatives to institutionalization

or homelessness for those who would benefit from these programs; (3) The State of New Jersey requires immediate programs: (i) to create additional

units of permanent supportive housing and community residences through new construction

or substantial rehabilitation; and (ii) to support community grants and loans to

develop and ensure the long-term viability of such housing and residential opportunities

for individuals with special needs with priority given to individuals with mental

illness; (4) Implementation of these programs will be a substantial step toward meeting the

immediate and critical need of the people of New Jersey, will substantially further

the public interest, and can most economically be financed through a bond issue; (5) The establishment of the Special Needs Housing Trust Fund under the auspices of

the New Jersey Housing and Mortgage Finance Agency, funded through the issuance of

bonds by the New Jersey Economic Development Authority under the already authorized

“Motor Vehicle Surcharges Securitization Act of 2004,” P.L.2004, c. 70 ( C.34:1B-21.23 et al.), is the most desirable means to provide funding and to implement the programs. b. There is established in the agency a special nonlapsing, revolving fund to be known

as the Special Needs Housing Trust Fund. The proceeds from the sale of bonds issued by the authority pursuant to the “Motor

Vehicle Surcharges Securitization Act of 2004,” P.L.2004, c. 70 ( C.34:1B-21.23 et al.), to finance special needs housing projects pursuant to P.L.2005, c. 163 ( C.34:1B-21.25a et al.) and deposited into the Motor Vehicle Surcharges Securitization Proceeds Fund , together with such other funds as may be authorized by law, shall be paid by the authority to the agency for deposit into the Special Needs Housing

Trust Fund based upon executed agreements between the authority and the State Treasurer. For the purpose of obtaining moneys from the authority to be deposited into the

Special Needs Housing Trust Fund, the agency may enter into agreements with the authority

to receive moneys from the authority for any purposes authorized by P.L.2005, c. 163 ( C.34:1B-21.25a et al.) and specified in the agreements between the agency and the authority. The proceeds of this fund shall be deposited in those depositories as may be selected

by the agency to the credit of the fund. c. Funds deposited into the Special Needs Housing Trust Fund shall be used by the

agency to make loans, grants or other investments to finance or otherwise pay the

costs of special needs housing projects, upon such terms as the agency shall determine. In making any of the foregoing loans, grants or other investments, the agency shall

not be limited by any of the restrictions imposed by P.L.1983, c. 530 ( C.55:14K-1 et seq. ) on eligible loans, funding or financial assistance for housing projects, or other

financing vehicles, and shall give priority to special needs housing projects benefiting

persons with mental illness. Special needs housing projects funded from the Special Needs Housing Trust Fund

shall be eligible for exemption from real property taxation pursuant to subsection

b. of section 37 of P.L.1983, c. 530 ( C.55:14K-37 ). d. Pending their application to the purposes provided in P.L.2005, c. 163 ( C.34:1B-21.25a et al.), the moneys in the Special Needs Housing Trust Fund may be invested and reinvested

as are other trust funds in the custody of the agency, in the manner provided by law. Net earnings received from the investment or deposit of moneys in the Special Needs

Housing Trust Fund shall remain in such fund and be applied to the purposes set forth

in P.L.2005, c. 163 ( C.34:1B-21.25a et al.). e. The agency is authorized to promulgate the rules and regulations, policies and

procedures necessary to effectuate the provisions and purposes of P.L.2005, c. 163 ( C.34:1B-21.25a et al.) in accordance with the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ).