New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
Subchapter 30 - RESIDUAL RECEIPTS
Section 5:80-30.3 - Request for use of residual receipts

Universal Citation: NJ Admin Code 5:80-30.3

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

(a) All requests to use residual receipts funds must be approved by the Agency in advance. Requests shall be made in writing by the sponsor of a qualifying development and submitted to the Agency's Director of Property Management.

(b) The request shall specify the purpose, amount and payee. The request shall be accompanied by a resolution of the nonprofit sponsor's board of directors. If the request is for social services or professional services, the request shall also be accompanied by a proposal outlining the services and the cost. If the request involves payment to a third party, an Administrative Questionnaire, completed by the third party, shall also accompany the request.

(c) The officers, directors and principals of the qualifying development shall submit certifications that they will not receive any fee or compensation, other than reimbursement for out-of-pocket expenses, for services performed in connection with the use of residual receipts. Such certification may also be required for the officers, directors and principals of the entity receiving the funds, as determined by the Agency.

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