N.J. Admin. Code § 5:80-8.3

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

Section 5:80-8.3 - Occupancy requirements for housing projects

(a) For housing projects financed by the Agency with the proceeds of bonds where the interest is exempt from Federal taxation, and where the project must contain a certain number of units to be occupied by individuals of specified income levels pursuant to section 142(d)(1) of the Internal Revenue Code (Code), at all times during the qualified project period as defined in section 142(d)(2)(A) of the Code, at least 20 percent of the residential units shall be occupied by individuals whose income is 50 percent or less of area median gross income or at least 40 percent of the residential units shall be occupied by individuals whose income is 60 percent or less of area median gross income (the "income-restricted units"). In allocating the units in a project which is to contain income-restricted units, the Agency may require the distribution of such units among the different sized units to reflect the same percentage distribution as the number of different sized units bears to the total number of units. A greater percentage of the income-restricted units may, however, be allocated to the larger units. Additionally, income-restricted units shall be distributed throughout the project such that the tenants of such units will have equal access to and enjoyment of all common facilities of the project. If there are changes in Federal law or in the Code or regulations with regard to the above-referenced matter, the Agency may adjust the above requirements accordingly.

(b) In assisted living residences financed by the Agency with the proceeds of Agency bonds where the interest on the bonds is exempt from Federal taxation, either not less than 20 percent of the units shall be occupied by individuals whose income is 50 percent or less of area median gross income, or not less than 40 percent of the units shall be occupied by persons whose income is 60 percent or less of area median gross income, at all times during the qualified project period as defined in section 142(d)(2)(A) of the Code (the "income-restricted units"). All ALRs shall reserve 10 percent of the income-restricted units for occupancy by persons whose monthly income does not exceed 300 percent of the monthly Federal Supplemental Security Income (SSI) benefit amount (which amount is determined and published annually by the Social Security Administration), unless such 10-percent utilization requirement is waived or reduced for the applicable region of the State or Statewide by the New Jersey Commissioner of Health (Commissioner) pursuant to N.J.S.A. 26:2H-12.17 or any successor statute. Income-restricted units shall be distributed throughout the project such that the residents of such units shall have equal access to and enjoyment of all common areas of the project.

(c) For assisted living residences financed by the Agency with the proceeds of bonds where the interest is not exempt from Federal taxation, 20 percent of the units shall be set aside for persons whose incomes are 80 percent or less of the area median income. Ten percent of the 20 percent of the units set aside shall be reserved for persons whose monthly income does not exceed 300 percent of the monthly Federal Supplemental Security Income (SSI) benefit amount (which amount is determined and published annually by the Social Security Administration) unless such 10-percent utilization requirement is waived or reduced for the applicable region of the State or Statewide by the Commissioner pursuant to 26:2H-12.1 7 or any successor statute.

N.J. Admin. Code § 5:80-8.3

Amended by 49 N.J.R. 3423(c), effective 10/16/2017