N.J. Admin. Code § 5:43-3.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:43-3.5 - Homeownership projects

(a) The Balanced Housing Program may provide assistance to eligible applicants to provide homeownership opportunities to low and moderate income households through new construction, reconstruction or the conversion of non-residential structures.

1. The buy-down of new units off the open market in order to make them affordable is also eligible.

(b) The maximum subsidy for homeownership projects shall be the amount needed to ensure project feasibility in accordance with 5:43-2.3.

(c) Applicants for homeownership projects shall make provisions for the on-going viability of the project including, but not limited to, homeowner training.

N.J. Admin. Code § 5:43-3.5

New Rule R.1992 d.144, effective 4/6/1992.
See: 23 N.J.R. 1075(a), 24 N.J.R. 1385(a).
Amended by R.1995 d.339, effective 6/19/1995.
See: 27 N.J.R. 1508(a), 27 N.J.R. 2385(a).
Rewrote (c), which previously had limited the maximum allowable subsidy to that determined in Appendix C.
Repeal and New Rule, R.1996 d.226, effective 5/20/1996.
See: 28 N.J.R. 6(a), 28 N.J.R. 2573(a).
Section was "Purchase/rental projects".
Amended by R.1998 d.438, effective 9/8/1998.
See: 30 N.J.R. 1880(a), 30 N.J.R. 3239(b).
In (a), substituted a reference to reconstruction for a reference to substantial rehabilitation at the end of the last sentence.
Amended by R.2002 d.325, effective 10/7/2002.
See: 33 N.J.R. 3261(a), 34 N.J.R. 3500(a).
In (a), inserted "distressed urban municipalities" preceding "to eligible applicants" and substituted "sponsors/developers" for "sponsors"; rewrote (b) through (d); added (e) through (g).
Recodified from N.J.A.C. 5:43-3.6 and amended by R.2007 d.202, effective 7/2/2007.
See: 38 N.J.R. 3711(a), 39 N.J.R. 2517(a).
Rewrote the section.
Former N.J.A.C. 5:43-3.5, Two-family projects, repealed.