Skip to main content
Find a Lawyer

New Jersey Statutes Title 55. Tenement Houses and Public Housing 55 § 14K-104

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

As used in P.L.2023, c. 78 (C.55:14K-104 et al.):

“Agency” means the New Jersey Housing and Mortgage Finance Agency established pursuant to section 4 of P.L.1983, c. 530 (C.55:14K-4).

“Commissioner” means the Commissioner of Community Affairs.

“Department” means the Department of Community Affairs.

“Down payment assistance” or “assistance” means financial assistance for first-time homebuyers to acquire single-family housing for principal residence through the loan program.

“Executive director” means the Executive Director of the New Jersey Housing and Mortgage Finance Agency.

“First-generation homebuyer” means a first-time homebuyer, who is:

a. an individual:

(1) whose parents or legal guardians do not have any present ownership interest in any residential real property in any state or territory of the United States, or outside of the United States; and

(2) whose spouse, or domestic partner, and each member of whose household has not, during the 3-year period ending upon acquisition of the eligible home to be acquired using such assistance, had any present ownership interest in any residential real property used as their principal residence in any state or territory of the United States, or outside of the United States; or

b. an individual who has at any time been placed in foster care in the State.

“First-time homebuyer” means a homebuyer who, in accordance with rules and regulations adopted by the agency, has not owned any residential real property as their principal residence within the preceding three years, and is utilizing a mortgage product offered by the agency through an agency homebuyer program to purchase single-family housing, and has a gross household income that does not exceed a limitation determined by the agency.

“Loan program” means the zero-interest, forgivable loan program established pursuant to section 2 of P.L.2023, c. 78 (C.55:14K-105).

“Principal residence” means a homestead that is actually and continually occupied as the permanent residence of a household, as distinguished from a vacation home, real property owned and rented or offered for rent by the household, or other secondary real property holdings.

“Single-family housing” means a one- to four-family residence, a condominium unit, a cooperative unit, a combination of a manufactured housing and lot, or a manufactured housing lot.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - New Jersey Statutes Title 55. Tenement Houses and Public Housing 55 § 14K-104 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-55-tenement-houses-and-public-housing/nj-st-sect-55-14k-104/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard