New Jersey § 52:27d-62

§ 52:27d-62.

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) The term “act” shall mean this act, and any amendments and supplements thereto,

and any rules and regulations promulgated thereunder. (b) The term “ commissioner ” shall mean the Commissioner of the Department of Community Affairs. (c) The term “ department ” shall mean the Department of Community Affairs. (d) The term “ development cost ” shall mean the amount approved by the commissioner as an appropriate expenditure

which may be incurred prior to the first mortgage advance under an eligible mortgage

loan, which amount may include, without limitation: (1) payments for options, deposits

or contracts to purchase properties on the proposed housing project site or, with

the prior approval of the commissioner, payments for the purchase of such properties;

(2) legal and organizational expenses, including attorneys' fees, and salaries, office

rent and other incidental expenses for a project manager and office staff; (3) fees

for preliminary feasibility studies, planning advances, borings, surveys, engineering

and architectural work, and fees for the services of architects, engineers, planners

and attorneys in connection therewith; (4) expenses for tenant surveys and market

analyses; and (5) such other expenses as the commissioner may deem necessary and

appropriate to effectuate the purposes of this act. (e) The term “ eligible mortgage ” shall mean a below-market interest rate mortgage insured by the Secretary of Housing

and Urban Development, a mortgage insured by the Secretary of Housing and Urban Development

and augmented by a program of rent supplement authorized by the provisions of Public Law 89-117 (The Housing and Urban Development Act of 1965), 1 a mortgage loan made by the State of New Jersey, or any department, division, office,

bureau or section thereof, or any agency or authority created or chartered thereby,

to a nonprofit or mutual housing sponsor for the purpose of providing housing to families

of moderate income, a mortgage insured by the Secretary of Housing and Urban Development

pursuant to Public Law 86-372 (The Housing Act of 1959), and any similar below-market interest rate mortgage that

may be insured by any department or agency of the United States or this State. (f) The term “ fund ” shall mean the Revolving Housing Development and Demonstration Grant Fund created

by section 5 of this act. 2 (g) The term “ housing project ” or “ project ” shall mean any specific work upon or improvement to housing accommodations, whether

new construction or rehabilitation thereof, undertaken by a nonprofit or mutual housing

sponsor to provide dwelling accommodations for families of moderate income, including

the acquisition, construction or rehabilitation of lands, buildings and improvements,

and such stores, offices, and social, recreational, communal or other facilities as

may be incidental or appurtenant thereto. (h) The term “ family of moderate income ” shall mean a family whose income is too low to compete successfully in the normal

rental or mutual housing market and whose aggregate family income does not exceed

limits prescribed by such rules and regulations as may be issued and promulgated by

the commissioner. (i) The term “ mutual housing sponsor ” shall mean any nonprofit association or corporation organized under the laws of

this State for the purpose of providing dwelling accommodations for families of moderate

income, which dwelling accommodations are operated, or are to be operated upon completion

of construction or rehabilitation, exclusively for the benefit of the families who

are entitled to occupy said dwelling accommodations by reason of co-ownership of stock

in such corporation, or by reason of co-ownership of stock in such corporation, or

by reason of co-ownership of the premises in a horizontal property regime authorized

by the provisions of chapter 168 of the laws of 1963 (The Horizontal Property Act). 3 (j) The term “ nonprofit sponsor ” shall mean any association or corporation organized not for profit under the provisions

of Title 15 of the Revised Statutes or any other law which has as one of its purposes

the construction or rehabilitation and operation, or both, of housing projects, or

any corporation qualified under the provisions of chapter 184 of the laws of 1949 4 as amended and supplemented. 1

Generally dispersed throughout Titles 12 and 42 of U.S.C.A. 2

N.J.S.A. § 52:27D-63. 3

N.J.S.A. § 46:8A-1 et seq. 4

N.J.S.A. § 55:16-1 et seq.