N.J. Admin. Code § 5:80-20.2

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

Section 5:80-20.2 - General applicability

(a) Regulations within this subchapter shall apply to all housing projects financed by a loan from the Agency.

(b) In addition to (a) above, any additional Federal regulations, if applicable, regarding certification and recertification of income and, as applicable, the Low Income Housing Tax Credit Qualified Allocation Plan,N.J.A.C. 5:80-33, shall also apply if a unit within a housing project is:

1. Assisted by subsidies provided by HUD, such as Section 8 (Housing Assistance Payments) and Section 236 (Interest Reduction Payments) of the National Housing Act of 1937;

2. Financed pursuant to former Section 103(b)(4) of the Internal Revenue Code or current Section 142 of the Internal Revenue Code (or any other applicable provision of the Internal Revenue Code as it relates to tax-exempt housing bonds);

3. Financed by a loan from the Agency that is insured or guaranteed by the United States or any agency thereof; or

4. With respect to an allocation of Federal low-income housing tax credits, is a low-income unit as defined in Section 42 of the Internal Revenue Code.

(c) In the cases described in (b)1 through 4 above, the housing sponsor shall notify families that they are residing in housing projects that are subject to such Federal regulation. In the event there are any inconsistencies between the rules in this subchapter and any applicable Federal regulations, the Federal regulations prevail.

(d) References to any statutes, State or Federal, within this subchapter include any amendments which have been or may be made to such statutes.

(e) "Income-restricted units" means the units in a housing project where occupancy is restricted to low- or moderate-income tenants pursuant to the requirements of the Agency or the Internal Revenue Code and that will qualify the housing project for tax-exempt bond financing and/or Federal low-income housing tax credits.

(f) "Market-rate units" means all units in a housing project financed by the Agency where tenant income and occupancy are governed only by the requirements of 55:14K-8 and 5:80-8.2(a).

N.J. Admin. Code § 5:80-20.2

Amended by 51 N.J.R. 1421(a), effective 9/3/2019