N.J. Admin. Code § 5:80-5.3

Current through Register Vol. 56, No. 18, September 16, 2024

Section 5:80-5.3 - Applicability

(a) The regulations in this subchapter are applicable in their entirety to all proposed changes to or transfers of ownership interests except the following:

1. Changes or transfers that are fully encompassed by the separate regulations involving nonprofit conversions (N.J.A.C. 5:80-6). The conversion regulation shall be applicable to transfers involving conversions unless the Agency determines that such treatment would jeopardize the viability of the housing project, in which case the Agency, in its discretion, may apply these regulations to such conversion. In the event, however, of any conflict or inconsistency between the provisions of these regulations and N.J.A.C. 5:80-6 as it applies to such conversion, the provisions of N.J.A.C. 5:80-6 shall control;

2. Changes or transfers that represent the first sale of partnership or shareholder interests in order to provide syndication proceeds on nonprofit conversions, provided such sale occurs within nine months of the conversion closing;

3. Changes or transfers for projects that had profit motivated ownership status at initial mortgage closing and where such changes or transfers occur within three months of the Agency's recognition of completion of construction or rehabilitation of the project for projects receiving both construction and permanent financing or within three months following the mortgage closing for projects receiving permanent financing only;

4. In the case of proposed changes or transfers of ownership of assisted living residences (ALRs), if any provision(s) of this chapter are in conflict with any provision(s) of N.J.A.C. 8:36 the provision(s) of N.J.A.C. 8:36 shall govern.

(b) Changes or transfers that fall within (a)2 and 3 above shall be governed by the general policy as set forth in 5:80-5.2 as well as the required documents submission set forth in 5:80-5.6(a) for a modified review. In addition, the fee set forth at 5:80-5.9(a)3 shall apply except that in no event shall the fee be less than $ 1,000.

(c) The rules within this subchapter shall also be applicable to changes or transfers in ownership in cooperative or condominium projects financed by the Agency.

N.J. Admin. Code § 5:80-5.3

Amended by R.1985 d.241, effective 5/20/1985.
See: 17 New Jersey Register 505(a), 17 New Jersey Register 1258(b).
Old text deleted and new text substituted.
Amended by R.1990 d.504, effective 10/15/1990.
See: 22 New Jersey Register 1971(a), 22 New Jersey Register 3220(a).
Examples deleted from (a); exception at (a)3 clarified; lower limit of fee in (b) set at $ 1,000; (c) added.
Amended by R.1998 d.80, effective 2/2/1998.
See: 29 New Jersey Register 3214(a), 30 New Jersey Register 539(b).
In (a), added 4.
Amended by R.2005 d.219, effective 7/5/2005.
See: 37 New Jersey Register 970(a), 37 New Jersey Register 2476(a).