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New Jersey Statutes Title 40A. Municipalities and Counties 40A § 20-13.2

Current as of January 01, 2024 | Updated by Findlaw Staff

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. s.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. s.42).

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Cite this article: FindLaw.com - New Jersey Statutes Title 40A. Municipalities and Counties 40A § 20-13.2 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-40a-municipalities-and-counties/nj-st-sect-40a-20-13-2/

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