New Jersey Revised Statutes § 55:14k-79 - Selection Of Projects; Priority

55:14K-79. Selection of projects; priority
8.In selecting those eligible projects which shall receive loans from the fund, the agency shall accord priority to those projects for which:

a.Private donors or local units of government will contribute land, money or other in-kind resources to make the program feasible;

b.Financial or other contributions will be made from public or private sources, including tax abatements, waivers of fees relating to development or waivers of construction, development or zoning requirements, to the extent allowable by existing law, in order to reduce the cost of homes to be constructed, substantially rehabilitated, or retrofitted;

c.Use of the loans will be efficient, as measured by the number of dwelling units produced in proportion to the amount of all loans, having due regard to the difference of construction costs in different housing regions and to the relative costs of different family size units;

d.Construction costs per square foot compare favorably with average construction costs in the same housing region;

e.The project will contribute significantly to the rehabilitation of or removal or prevention of blight in the area in which it is located, in the judgment of the agency, regardless of whether the area has been formally designated, in accordance with statutory procedures, as blighted or in need of rehabilitation;

f.The design of the project encourages the development of housing units which are suitable for and attractive and accessible to senior households and households of persons with disability; and

g.The qualified housing sponsor will work with residents to both seek out and coordinate health care and social work services in order to make them available to the resident population.


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Last modified: October 11, 2016