New Jersey § 52:27d-155

§ 52:27d-155.

a. There is hereby created a special fund in the Department of Community Affairs which

shall be entitled the Department of Community Affairs' Neighborhood Preservation Loan

and Grant Fund and shall be administered by the department as a revolving loan and

grant fund for carrying out the purposes of this act. The department may designate separate accounts within the fund to be applicable

for regional, municipal and intermunicipal needs as the department may deem necessary. The exercise by the department of all powers and duties conferred by this act shall

constitute and be deemed and held to be an essential public and official governmental

function of the State, acting by and through the department, in promoting the general

health, safety, welfare and prosperity of the State, its municipalities, its neighborhoods

and its citizens. b. The State fund shall consist of: 1. All moneys appropriated and made available by the Legislature for inclusion therein; 2. Any other moneys made available to the Department from any source or sources, which

the commissioner shall determine to use for the purposes authorized by this act, including

community development funds from the United States Department of Housing and Urban

Development; 3. Notwithstanding the provisions of any other act or part thereof, any moneys which

the department shall receive in repayment of loans or advances from the State fund;

and 4. All moneys earned through investment pursuant to subsection c. of this section. c. Any moneys held in such fund not required or permitted to be disbursed immediately

by this act may be invested and reinvested. All functions, powers and duties relating to the investment or reinvestment of funds

within the jurisdiction of the agency, including the purchase, sale or exchange of

any investments, or securities may, at the request of the agency, be exercised and

performed by the Director of the Division of Investments, in accordance with the written

directions of the commissioner. d. Funds expended from the State fund pursuant to this act shall be used only for

the purpose of making housing rehabilitation loans or grants for the costs incurred

in the administration thereof.