New Jersey § 52:27c-24

§ 52:27c-24.

In addition to the powers hereinabove specifically granted, the authority shall have

the following powers: a. To acquire property, real, personal or mixed, or any interest therein by purchase,

lease, gift, bequest, devise, exchange or eminent domain; to hold and improve property;

to operate, lease, sell or exchange property; to construct or contract for the construction

of projects and community facilities other than any project or facility which would

be competitive with any existing public utility as the same is defined in R.S. 48:2-13 ; to borrow money and secure the same by bonds or mortgages upon property held or

to be held by it; but nothing herein contained shall be deemed to authorize the authority

to pledge the credit of this State or to constitute any bonds or mortgages so issued

by its obligations of this State. b. To receive any grant or grants to be made by the federal, State, county, municipal

or other governments, or from any other sources. c. If, for any of the purposes hereunder, the authority shall find it necessary or

convenient for it to acquire title to, or any lesser interest in, real property in

this State, then the authority may acquire title to such property by purchase, lease

or condemnation, and shall have the right to acquire realty by eminent domain in accordance

with the provisions of the “Eminent Domain Act of 1971,” P.L.1971, c. 361 ( C. 20:3-1 et seq. ). d. To make and enforce reasonable rules and regulations for the effectuation of its

powers and purposes. e. To provide rental assistance grants to persons of low or moderate income to enable

them to pay the fair market value for housing units. f. To provide loans and grants of temporary rental or other temporary housing assistance

to persons without housing or in imminent danger of losing housing as a result of

having insufficient income from other sources to allow payment of the rental or other

housing costs. g. In order to encourage increased availability of affordable housing for persons

of low and moderate income, to provide subsidies or other reductions of interest rates

on loans made to public or private nonprofit agencies or limited dividend corporations

for the purpose of acquiring, constructing, repairing or rehabilitating residential

structures to be used for such housing. h. To establish statewide programs to assist homeless persons, such programs to include,

but not be limited to, assistance in developing and obtaining housing and temporary

shelter, assistance to public and nonprofit sponsors of shelters and housing projects

for the homeless, and short-term financial assistance. Benefits directly or indirectly received under these programs shall not be treated

as income in determining eligibility requirements for other State programs and payments

and benefits directly received by a taxpayer shall not be treated as income for New

Jersey gross income tax purposes pursuant to section 2 of P.L.1988, c. 29 ( C. 54A:6-22 ).