Current through Register Vol. 56, No. 18, September 16, 2024
(a)
The regulations in this subchapter are applicable in their entirety to all
proposed changes to or transfers of ownership interests except the following:
1. Changes or transfers that are fully
encompassed by the separate regulations involving nonprofit conversions
(N.J.A.C. 5:80-6). The conversion regulation shall be applicable to transfers
involving conversions unless the Agency determines that such treatment would
jeopardize the viability of the housing project, in which case the Agency, in
its discretion, may apply these regulations to such conversion. In the event,
however, of any conflict or inconsistency between the provisions of these
regulations and N.J.A.C. 5:80-6 as it applies to such conversion, the
provisions of N.J.A.C. 5:80-6 shall control;
2. Changes or transfers that represent the
first sale of partnership or shareholder interests in order to provide
syndication proceeds on nonprofit conversions, provided such sale occurs within
nine months of the conversion closing;
3. Changes or transfers for projects that had
profit motivated ownership status at initial mortgage closing and where such
changes or transfers occur within three months of the Agency's recognition of
completion of construction or rehabilitation of the project for projects
receiving both construction and permanent financing or within three months
following the mortgage closing for projects receiving permanent financing
only;
4. In the case of proposed
changes or transfers of ownership of assisted living residences (ALRs), if any
provision(s) of this chapter are in conflict with any provision(s) of N.J.A.C.
8:36 the provision(s) of N.J.A.C. 8:36 shall govern.
(b) Changes or transfers that fall within
(a)2 and 3 above shall be governed by the general policy as set forth in
5:80-5.2 as well as the required
documents submission set forth in
5:80-5.6(a) for a
modified review. In addition, the fee set forth at
5:80-5.9(a)3
shall apply except that in no event shall the fee be less than $
1,000.
(c) The rules within this
subchapter shall also be applicable to changes or transfers in ownership in
cooperative or condominium projects financed by the Agency.
