§ 55:14K-1 Short title
§ 55:14K-2 Legislative findings and declarations
§ 55:14K-3 Definitions
§ 55:14K-4 New Jersey Housing and Mortgage Finance Agency
§ 55:14K-5 Powers of agency
§ 55:14K-5.1 New Jersey Housing and Mortgage Finance Agency to provide written notice of funding
§ 55:14K-5.2 Additional powers of New Jersey Housing and Mortgage Finance Agency
§ 55:14K-5.3 Transfer of certain reserves to State for housing needs
§ 55:14K-5.4 Eligible loans during states of emergency; conditions
§ 55:14K-5.5 Occupancy status, information access; shelter operator duties
§ 55:14K-5.6 Criteria for receiving funding; compliance
§ 55:14K-6 Financing of construction, improvement or rehabilitation of housing projects; loans; application; priorities
§ 55:14K-7 Terms and conditions of loans
§ 55:14K-7.1 Shower, bathtub safety rails required in certain senior rental projects
§ 55:14K-7.2 Powers of agency as condition of loan, grant, investment for special needs housing projects
§ 55:14K-7.3 Tenants forum; State-subsidized rental housing, complaints
§ 55:14K-8 Eligibility for admission to certain housing projects
§ 55:14K-9 Housing sponsors; action or proceeding by agency to enforce rights; appointment of receiver; reorganizations
§ 55:14K-10 Foreclosure action; parties defendant; entry of judgment; conditions; orders; qualification of buyers; other judgments; notices prior to sale
§ 55:14K-11 Loans to institutional lenders
§ 55:14K-12 Purchase and sale of eligible loans by agency
§ 55:14K-13 Life safety improvement loans
§ 55:14K-14 Boarding house rental assistance fund
§ 55:14K-15 Rental assistance agreements
§ 55:14K-16 Boarding house rental assistance fund annual report
§ 55:14K-17 Annual appropriations to boarding house rental assistance fund
§ 55:14K-18 Subsidiary corporations of agency
§ 55:14K-19 New Jersey housing development corporation
§ 55:14K-20 Bonds of agency
§ 55:14K-21 Resolutions of authorization for issuance of bonds; contents
§ 55:14K-22 Default in payment of principal or interest on bonds
§ 55:14K-23 Pledges of income, revenues or other property
§ 55:14K-24 Allocation of state ceiling on aggregate amount of qualified mortgage bonds under I.R.C. s. 103A(g) to agency
§ 55:14K-25 Reservation of funds for use in municipalities eligible for state aid for services and to offset property taxes
§ 55:14K-26 Inclusion of interest on bonds in gross income for purposes of federal income tax
§ 55:14K-27 No personal liability on bonds
§ 55:14K-28 Purchase of bonds of agency by agency
§ 55:14K-29 Housing finance funds
§ 55:14K-30 Housing development fund
§ 55:14K-31 General fund of agency
§ 55:14K-32 Pledge, covenant and agreement of state with bondholders
§ 55:14K-33 Bonds as legal investment
§ 55:14K-34 Tax exemptions
§ 55:14K-35 Exemption of property from levy and sale by execution, judicial process or charge or lien of judgment
§ 55:14K-36 Insurance or guarantee of payment of interest or principal of loans or bonds; obtaining from federal department or agency or other person
§ 55:14K-37 Intent relative to enforcement
§ 55:14K-38 Violations; penalty
§ 55:14K-39 Conflicts of interest; violations; penalties
§ 55:14K-40 Annual report and audit of agency
§ 55:14K-41 Agency financial strategy; biannual revision; annual review of housing program content
§ 55:14K-42 Wage rate of workmen employed by qualified housing sponsors; determination
§ 55:14K-43 Services to agency by state units or officers; payment of costs and expenses
§ 55:14K-44 Discrimination; prohibition; violations; penalty
§ 55:14K-45 Short title
§ 55:14K-46 Findings, determinations, declarations
§ 55:14K-47 Definitions
§ 55:14K-48 Issuance of Housing Incentive Bonds
§ 55:14K-49 Housing Incentive Finance Fund established
§ 55:14K-50 Guarantee of construction loans
§ 55:14K-51 Loan guarantees
§ 55:14K-52 Insurance against defaults
§ 55:14K-53 Rules, regulations
§ 55:14K-54 Short title
§ 55:14K-55 Findings, etc. relative to housing for low and moderate income families
§ 55:14K-56 Definitions
§ 55:14K-57 Amount set aside to provide mortgage loans
§ 55:14K-58 Affordable Home Ownership Opportunities Fund established
§ 55:14K-59 Loans by agency authorized
§ 55:14K-60 Eligibility for loans
§ 55:14K-61 Selection of eligible projects
§ 55:14K-62 Eligible project declared public work
§ 55:14K-63 Rules, regulations
§ 55:14K-64 Short title
§ 55:14K-65 Findings, declarations relative to Rental Housing Incentive Guarantee Program
§ 55:14K-66 Definitions
§ 55:14K-67 Rental Housing Incentive Guarantee Fund established
§ 55:14K-68 Powers, duties of agency
§ 55:14K-69 Agreements between agency and authority
§ 55:14K-70 Funding provided by New Jersey Economic Development Authority
§ 55:14K-71 Rules, regulations
§ 55:14K-72 Short title
§ 55:14K-73 Findings, declarations relative to cooperative housing for certain purchasers
§ 55:14K-74 Definitions relative to cooperative housing for certain purchasers
§ 55:14K-75 “New Jersey Senior and Disabled Cooperative Housing Finance Incentive Program”
§ 55:14K-76 Amount from bonds set aside for certain mortgage loans, projects
§ 55:14K-77 “Senior and Disabled Cooperative Housing Incentive Fund”
§ 55:14K-78 Eligibility for loan
§ 55:14K-79 Selection of projects; priority
§ 55:14K-80 Project declared public work
§ 55:14K-81 Rules, regulations
§ 55:14K-82 Short title
§ 55:14K-83 Findings, declarations relative to residential mortgage assistance
§ 55:14K-84 Short title
§ 55:14K-85 Definitions relative to “Mortgage and Neighborhood Stabilization Financing Assistance Program.”
§ 55:14K-86 Mortgage and Neighborhood Stabilization Assistance Program, Fund
§ 55:14K-86.1 Certain funds used for acquisition, rehabilitation of certain properties
§ 55:14K-86.2 Regulations
§ 55:14K-86.3 Additional uses for funds
§ 55:14K-87 Rules, regulations
§ 55:14K-88 Short title
§ 55:14K-89 Definitions relative to “New Jersey Housing Assistance and Recovery Program.”
§ 55:14K-90 Housing Assistance and Recovery Program Support Fund
§ 55:14K-91 Execution of lease-purchase agreement
§ 55:14K-92 Notification relative to noncompliance of sponsor
§ 55:14K-93 Rules, regulations
§ 55:14K-94 Short title
§ 55:14K-95 Findings, declarations relative to foreclosure prevention
§ 55:14K-96 Definitions relative to foreclosure prevention
§ 55:14K-97 “New Jersey Residential Foreclosure Prevention Program.”
§ 55:14K-98 Entry into contracts, loans
§ 55:14K-99 Foreclosure Intervention Fund
§ 55:14K-100 Grants to eligible applicants
§ 55:14K-101 Authority of agency

Terms Used In New Jersey Statutes > Title 55 > Chapter 14K - New Jersey Housing and Mortgage Finance Agency Law

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • census: means the latest Federal census effective within this State. See New Jersey Statutes 1:1-2
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Personal property: All property that is not real property.
  • Personal property: includes goods and chattels, rights and credits, moneys and effects, evidences of debt, choses in action and all written instruments by which any right to, interest in, or lien or encumbrance upon, property or any debt or financial obligation is created, acknowledged, evidenced, transferred, discharged or defeated, in whole or in part, and everything except real property as herein defined which may be the subject of ownership. See New Jersey Statutes 1:1-2
  • population: when used in any statute, shall be taken to mean the population as shown by the latest Federal census effective within this State, and shall be construed as synonymous with "inhabitants. See New Jersey Statutes 1:1-2
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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
  • Summons: Another word for subpoena used by the criminal justice system.
  • sworn: includes "affirmed. See New Jersey Statutes 1:1-2
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.