New Jersey § 55:14k-5

§ 55:14k-5.

a. During a state of emergency declared by the Governor pursuant to P.L.1942, c. 251

(C.App.A:9-33 et seq.) and while such state of emergency is in effect, the agency

may make an eligible loan to a housing sponsor for a project to finance the construction,

improvement, reconstruction, renovation or rehabilitation of a project. b. The agency, under this section, may exempt an eligible loan from the requirements

of subsection c. of section 6 and paragraphs (2), (4), (5), (6), (7), and (8) of subsection

a. of section 7 and subsections a., b., d., and e. of section 8 of P.L.1983, c. 530

( C.55:14K-6 , C.55:14K-7 , and C.55:14K-8 ). c. To receive an eligible loan from the agency under this section, a housing sponsor

must certify, under penalty of perjury, that the eligible loan is necessary due to

factors or conditions resulting from an “emergency” as such term is defined pursuant

to section 3 of P.L.1953, First Sp.Sess., c. 438, (C.App.A:9-33.1). d. If a project has suffered physical damage, a housing sponsor who receives an eligible

loan under this section must: (1) make a claim or claims against all policies of insurance insuring the project;

and (2) Except with respect to those insurance proceeds that (a) have been authorized

by the agency to be utilized for the rehabilitation of the project; or (b) have been

pledged to restore the operating escrows of the project, assign to the agency the

right to receive the proceeds of any claims made on all policies of insurance with

respect to the project for the agency to credit against the outstanding principal

balance of the eligible loan made under this section or against any other amounts

that may be due under any eligible loan or loans made to the housing sponsor with

respect to the project. Any excess amounts remaining after payment of all principal, interest and any other

amounts due to the agency shall be returned to the housing sponsor within thirty days.