New Jersey § 52:27d-51

§ 52:27d-51.

Any commitment issued or advance made by the commissioner and any contract based thereon

shall, in addition to such other terms, covenants and conditions as the commissioner

may require, provide that: (a) no change may be made in an urban renewal project assisted by a State capital

grant, nor in the project cost, land use or amount or manner of local grants-in-aid

thereof, without the prior written approval of the commissioner; (b) a State capital grant shall be in such amount as the commissioner, in his discretion,

may deem necessary to assist the municipality or local public agency in discharging

its obligations in connection with the project for which the grant is made. Except as hereinafter provided, no commitments or payments thereon of capital grants

pursuant to this act shall exceed 1 / 2 the actual amount of local grants-in-aid which the municipality or local public agency

agrees to make pursuant to any contract for aid from any department or agency of the

United States and the payments pursuant to the commitment for such grant shall be

made from time to time in such amounts as shall not exceed the actual cash grants-in-aid

paid by the municipality or local public agency and the actual moneys expended by

the municipality or local public agency for eligible noncash grants-in-aid, which

payments or expenditures are not subject to reimbursement to the municipality or local

public agency from some other source and are certified by the municipality or local

public agency subject to audit by the commissioner. Notwithstanding the provisions of this section, the commissioner may make commitments

and payments thereon up to 100% of the local grants-in-aid allocable to such projects

or portions thereof as shall be used for or by institutions owned and operated by

this State or through a public agency established by the State, or by a political

subdivision of the State, for public uses including, but not limited to, schools,

parks, open spaces and neighborhood centers; provided, that the commissioner may

make commitments and payments thereon up to 100% of the local grants-in-aid allocable

to such projects or portions thereof as shall be used for nonprofit moderate income

housing, where the municipality wherein the project is located has granted a 15% in

lieu of tax payment to the nonprofit housing sponsor for a period of time equal to

the term of any mortgage in connection therewith, conditioned upon the agreement between

the nonprofit housing sponsor and the governing body of the municipality that the

nonprofit housing sponsor will make a payment of 3% of gross shelter rent to the State

of New Jersey until such amount has been repaid as the commissioner shall determine,

not to exceed 50% of the local grants-in-aid allocable to such projects or portions

thereof as shall be used for such nonprofit housing; (c) no sale, lease or other disposition shall be made of real property located in

an urban renewal project assisted by a State capital grant pursuant to this act without

the prior written approval of the commissioner; (d) Any capital grant assistance pursuant to this act be paid and applied to retire

and discharge obligations of the municipality or local public agency to the extent

such obligations were incurred to defray the cost of local grants-in-aid, which costs

are to be met out of any State capital grant pursuant to this act; (e) the governing body of the municipality or the local public agency agree to reimburse

the State in cash for any payments of capital grants in excess of those permitted

under this act or pursuant to the terms of any commitment or contract for any capital

grant pursuant to this act, and to repay the State for any capital grant payments

made, if the project is terminated by the municipality or local public agency without

the consent of the commissioner; (f) as promptly as possible after completion of an urban renewal project assisted

with a capital grant pursuant to this act, the municipality or local public agency

shall file with the commissioner a detailed statement of the costs of completing said

project.