New Jersey Statutes 40A:20-13.2. Certain tax exemptions may be continued
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Terms Used In New Jersey Statutes 40A:20-13.2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
1. Notwithstanding the provisions of sections 12 and 13 of P.L.1991, c.431 (C. 40A:20-12 and C. 40A:20-13) to the contrary, the governing body of a municipality may agree to continue a tax exemption for a State or federally subsidized housing project beyond the date on which existing first mortgage financing is fully paid so long as the project remains subject to affordability controls pursuant to:
a. project-based federal rental assistance, authorized pursuant to section 8 of the United States Housing Act of 1937 (42 U.S.C. § 1437f), or other federal or State project-based assistance;
b. the Uniform Housing Affordability Controls promulgated by the New Jersey Housing and Mortgage Finance Agency; or
c. the rent and income limits established by the federal Low Income Housing Tax Credit program pursuant to section 42 of the Internal Revenue Code (26 U.S.C. § 42).
L.2019, c.297, s.1.