New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
Subchapter 2 - ACTIONS REGARDING HOUSING SPONSORS
Section 5:80-2.1 - Rights of housing sponsors

Universal Citation: NJ Admin Code 5:80-2.1

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

(a) Wherever possible, the Agency will permit, provide for and encourage the right of local housing sponsors to exercise their own initiative and competence in the administration of their assets and the conduct and operation of housing projects, and exercise their rights and responsibilities to the fullest extent permitted by law.

(b) The provisions of the Act pertaining to the regulation and assumption of powers and duties of housing sponsors shall be for the purposes of protecting the collateral for any loan or loans; implementing or enforcing any condition, requirement or criterion for loans or any agreement between a housing sponsor and the Agency; securing the rights and remedies of lenders and bondholders; and protecting the interests of tenants at housing projects.

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