New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 43 - NEIGHBORHOOD PRESERVATION BALANCED HOUSING PROGRAM
Subchapter 3 - FUNDING CRITERIA
Section 5:43-3.5 - Homeownership projects
Universal Citation: NJ Admin Code 5:43-3.5
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Balanced Housing Program may provide assistance to eligible applicants to provide homeownership opportunities to low and moderate income households through new construction, reconstruction or the conversion of non-residential structures.
1. The buy-down of new units off
the open market in order to make them affordable is also eligible.
(b) The maximum subsidy for homeownership projects shall be the amount needed to ensure project feasibility in accordance with 5:43-2.3.
(c) Applicants for homeownership projects shall make provisions for the on-going viability of the project including, but not limited to, homeowner training.
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