N.J. Admin. Code § 5:80-5.9

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

Section 5:80-5.9 - Required payment and repayments

(a) At closing, the following payments and repayments are required:

1. The buyer shall submit with its request for review, a non-refundable fee of $ 5,000 which will be applied at closing toward any payment or repayments due.

2. The seller shall pay to the Agency, as a processing fee, an amount as determined by the Agency, to reimburse the Agency for its administrative cost in processing the seller's request to transfer ownership of the project or any interest therein.

3. Any outstanding supplemental financing must be paid at closing, unless the Agency determines the financial viability of the project is not jeopardized by the continuation of such supplemental financing and the buyer assumes all supplemental financing.

(b) The Portfolio Reserve Account is a fund previously established by the Agency to provide support for any project financed by the Agency that is in need of financial assistance. The source of such fund was previously codified at (a)1 above, which was deleted effective July 2, 2018. The Portfolio Reserve Account, and any interest or investment income earned thereon, may be used, at the Agency's discretion, to fund debt service arrears and other operating deficits, capital improvements, and repairs of any project that cannot fund these items from normal project income. The Portfolio Reserve Account enables the Agency to assist projects in maintaining physical and fiscal viability, so as to preserve the housing units at rents that are affordable to low- and moderate-income families. Eligibility for assistance from the Portfolio Reserve Account shall be subject to the terms and conditions as determined by the Agency.

N.J. Admin. Code § 5:80-5.9

Amended by 50 N.J.R. 1479(a), effective 7/2/2018