New Jersey Statutes 55:14J-41. Definitions
Terms Used In New Jersey Statutes 55:14J-41
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
a. “Department” means the Department of Community Affairs.
b. “Commissioner” means the Commissioner of the Department of Community Affairs.
c. “Commission” means the New Jersey Commission on Capital Budgeting and Planning.
d. “Act” means this act, and any amendments and supplements thereto, and any rules and regulations promulgated thereunder.
e. “Low income,” and “moderate income” shall be determined by the commissioner pursuant to regulations promulgated under this act, provided however, that the commissioner, in his determination, shall consider the Federal standards for low and moderate income for the various communities within the State of New Jersey.
f. “Qualified mortgagor” means any nonprofit or limited dividend housing sponsor, owner entity or individual, or any municipality, county or public authority, constructing, rehabilitating, maintaining or operating housing in New Jersey under a Federal low or moderate income housing program, the New Jersey Housing Finance Agency program, or other programs for low or moderate income occupancy.
g. “Qualified housing development” means any housing project built or rehabilitated or to be built or rehabilitated and operated by a qualified mortgagor.
h. “Senior citizen” means a person of low or moderate income, 62 years of age or older, or families of low or moderate income which consist of two or more persons and the head of which, or his spouse, is 62 years of age or older.
L.1976, c. 133, s. 1, eff. Dec. 27, 1976.