New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 43 - NEIGHBORHOOD PRESERVATION BALANCED HOUSING PROGRAM
Subchapter 5 - MULTIFAMILY HOUSING PRESERVATION AND RECEIVERSHIP
Section 5:43-5.3 - Surety bonds

Universal Citation: NJ Admin Code 5:43-5.3

Current through Register Vol. 56, No. 18, September 16, 2024

(a) For projects in excess of a $50,000 hard project cost, a receiver shall be required to post a 100 percent Payment & Performance Bond for a term from the date of the closing of the Department construction loan through two years from the date of issuance of the Certificate of Occupancy or an Architect's Certification of Substantial Completion, whichever is later. The bond will be in an amount sufficient to guarantee compliance with the terms and conditions of the receivership.

(b) Payment and performance bonds shall be in a form acceptable to the Department.

(c) A requirement set forth in this section may be waived or adjusted upon a finding that such requirement would prevent an entity that is otherwise fully qualified to act as a receiver from being appointed receiver, so long as that entity can demonstrate a sufficient level of financial responsibility.

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