New Jersey § 55:14k-56

§ 55:14k-56.

As used in this act: “Affordable Home Ownership Opportunities Bonds” means any bonds of the New Jersey

Housing and Mortgage Finance Agency that provide funds to facilitate the provisions

of this act. “Agency” means the New Jersey Housing and Mortgage Finance Agency. “Annual income” means total income, from all sources, during the last full calendar

year preceding the filing of an application for a loan pursuant to this act. “Bonds” means bonds, notes or any other form of evidence of indebtedness of the agency,

bearing either a fixed rate or a variable rate of interest, issued by the agency. “Eligible project” means a project for the creation of low or moderate income housing

which meets the standards of eligibility for loans under the program created by this

act. “Eligible purchaser” means a purchaser of a dwelling unit in an eligible project to

whom a loan may be made under the program pursuant to section 5 of this act. 1 “Fund” means the Affordable Home Ownership Opportunities Fund established by section

5 of this act. “Housing region” means a housing region as defined in subsection b. of section 4 of

the “Fair Housing Act,” P.L.1985, c. 222 ( C.52:27D-304 ) and determined by the Council on Affordable Housing pursuant to section 7 of that

act, P.L.1985, c. 222 ( C.52:27D-307 ). “Local enforcement authority” means any officer or agency of local government responsible

for the implementation or enforcement of land-use and building regulations established

by or pursuant to the “State Uniform Construction Code Act,” P.L.1975, c. 217 ( C.52:27D-119 et seq. ) or the “Municipal Land Use Law,” P.L.1975, c. 291 ( C.40:55D-1 et seq. ). “Low income” means a gross annual household income equal to 50% or less of the median

gross annual household income for households of the same size within the relevant

housing region. “Moderate income” means a gross annual household income equal to not more than 80%,

but more than 50% of the median gross annual household income for households of the

same size within the relevant housing region. “Program” means the Affordable Home Ownership Opportunities Program created by this

act. “Qualified nonprofit organization” means any corporation or association of persons

organized under Title 15A of the New Jersey Statutes, having for its principal purpose,

or as a purpose ancillary to its principal purpose, the improvement of realistic opportunities

for low income and moderate income housing, as defined pursuant to the “Fair Housing

Act,” P.L.1985, c. 222 ( C.52:27D-301 et al.), being within the description of section 501(c)(3) of the United States Internal Revenue Code ( 26 U.S.C. § 501(c)(3) ), having been determined by the agency to be a bona fide organization not under the

effective control of any for-profit organization or governmental entity, and appearing

capable, by virtue of past activities, qualifications of staff or board, or other

features, of furthering the purposes of this act. “Substantial rehabilitation” means repair, reconstruction or renovation which (1)

costs in excess of 60% of the fair market value of a rehabilitated dwelling after

such repair, reconstruction or renovation, or (2) renders a previously vacant and

uninhabitable dwelling safe, sanitary and decent for residential purposes, or (3)

converts to safe, sanitary and decent residential use a structure previously in non-residential

use. 1

N.J.S.A. § 55:14k-58.