New Jersey § 52:27d-154

§ 52:27d-154.

The following terms whenever used or referred to in this act shall have the following

respective meanings for the purposes of this act, except in those instances where

the context clearly indicates otherwise: a. “Act” shall mean this act and any amendments and supplements thereto, and any rules

and regulations promulgated thereunder; b. “ Commissioner ” shall mean the Commissioner of the Department of Community Affairs, or his delegates

as the commissioner shall determine; c. “ Department ” shall mean the Department of Community Affairs; d. “ Neighborhood preservation area ” shall mean any area within a municipality as determined pursuant to subsection 8a.

of this act; 1 e. “ Housing rehabilitation ” shall mean the reconstruction, remodeling, improvement, restoration, or repair of

residential housing to sound condition; f. “ Housing rehabilitation loan ” shall mean an interest or noninterest bearing loan to finance housing rehabilitation; g. “ Rehabilitation lender ” shall mean any bank or trust company, savings bank, mortgage company, mortgage banker,

credit union, national banking association, savings and loan association, building

and loan association, life insurance company, and any other financial institution

authorized to transact business in the State; provided that to qualify as a rehabilitation

lender within the meaning of this act a rehabilitation lender must be on a list of

approved rehabilitation lenders to be prepared and maintained by the department; h. “ Neighborhood preservation agency ” or “agency” shall mean the entity or organization designated by the municipality

in accordance with the provisions of this act. Such agency may include the municipality, counties, any public, quasi-public or

private non-profit agency or organization and any housing authority or redevelopment

agency existing or formed under the laws of this State; i. “ Neighborhood preservation project ” shall mean an undertaking or activity of a neighborhood preservation agency in a

neighborhood preservation area, involving housing rehabilitation, and shall be in

accordance with the plan therefor, as shall be required by the commissioner pursuant

to section 8 of this act; j. “Sound condition” shall mean a condition which meets substantially the requirements

of local housing codes, or in the event there is no local housing code, the alternate

standards established by the department; k. “ State fund ” shall mean the Department of Community Affairs' Neighborhood Preservation Loan and

Grant Fund as set forth in section 4 of this act; 2 l . “ Local fund ” shall mean the Neighborhood Preservation Loan and Grant Fund as may be established

by a municipality pursuant to section 7 of this act. 3 1

N.J.S.A. § 52:27D-159. 2

N.J.S.A. § 52:27D-155. 3

N.J.S.A. § 52:27D-158.