N.J. Admin. Code § 5:80-33.31

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:80-33.31 - Applicant's affirmative obligation to disclose changes

(a) Applicants are under a continuing affirmative obligation to advise NJHMFA no less frequently than annually if any changes to any aspect of the proposed development occur and provide relevant information as it becomes available, including pending/anticipated litigation which may affect the proposed development. NJHMFA shall require the owner to certify and may require further documentation to verify that all representations made in the application concerning the proposed development, including representations relied upon to determine the applicant's eligibility, scoring and ranking, are, and continue to be, true at the time of carryover allocation and issuance of the IRS Form 8609. Substantive changes may cause the project's allocation to be reconsidered by NJHMFA. NJHMFA reserves the right to ask for any documentation necessary throughout the application, reservation, carryover, and placed in service processes.

(b) NJHMFA shall have the authority to rescind a reservation or an allocation if any representations made in the application are mistakenly or intentionally misrepresented or not fulfilled.

(c) Any transfer of a general partner/managing member interest shall require pre-approval by the NJHMFA Division of Multifamily/Supportive Housing and Lending.

(d) Failure to disclose all relevant information is grounds for disqualification of the application or recapture of the allocation.

N.J. Admin. Code § 5:80-33.31

Amended by R.1997 d.284, effective 7/7/1997.
See: 29 N.J.R. 1441(a), 29 N.J.R. 2818(a).
Inserted new (b); recodified former (b) as (c).
Recodified from N.J.A.C. 5:80-33.29 by R.1998 d.279, effective 6/1/1998.
See: 30 N.J.R. 1132(a), 30 N.J.R. 1978(a).
Former N.J.A.C. 5:80-33.34, Notification of noncompliance, was recodified to N.J.A.C. 5:80-33.39.
Recodified from N.J.A.C. 5:80-33.34 by R.1999 d.120, effective 4/5/1999.
See: 31 N.J.R. 122(a), 31 N.J.R. 860(a).
Former N.J.A.C. 5:80-33.32, Extended use agreement, recodified to N.J.A.C. 5:80-33.30.
Amended by R.2000 d.132, effective 3/20/2000.
See: 32 N.J.R. 191(a), 32 N.J.R. 1065(a).
Recodified from N.J.A.C. 5:80-33.32 by R.2001 d.170, effective 5/21/2001.
See: 33 N.J.R. 932(a), 33 N.J.R. 1573(b).
Former N.J.A.C. 5:80-33.33, Compliance monitoring, recodified to N.J.A.C. 5:80-33.34.
Amended by R.2002 d.233, effective 7/15/2002.
See: 34 N.J.R. 1574(a), 34 N.J.R. 2417(a).
In (a), substituted "owner" for "sponsor" preceding "to certify".
Recodified from N.J.A.C. 5:80-33.33 and amended by R.2003 d.300, effective 7/21/2003.
See: 35 N.J.R. 1616(a), 35 N.J.R. 3298(b).
In (a), inserted "including pending/anticipated litigation which may affect the proposed development" preceding the second sentence. Former N.J.A.C. 5:80-33.31, Extended use agreement, recodified to N.J.A.C. 5:80-33.29.
Amended by R.2008 d.133, effective 5/19/2008.
See: 40 N.J.R. 839(a), 40 N.J.R. 2429(b).
Added new (c); and recodified former (c) as (d).
Amended by R.2009 d.154, effective 5/4/2009.
See: 41 N.J.R. 917(a), 41 N.J.R. 1994(a).
In (c), inserted "the" and "Division of Tax Credit Services".

Amended by 56 N.J.R. 343(b), effective 3/4/2024