New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 80 - NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY
Subchapter 6 - USE OF FUNDS FROM SALE OF PROJECTS OWNED BY NONPROFIT CORPORATIONS TO LIMITED PARTNERSHIPS
Section 5:80-6.2 - Scope
Universal Citation: NJ Admin Code 5:80-6.2
Current through Register Vol. 56, No. 18, September 16, 2024
Prior to the repeal of the Limited Dividend Law, a number of Agency-financed housing projects were sold by their nonprofit sponsors to limited partnerships formed pursuant to the Limited Dividend Law. As a result of those transactions, designated funds were deposited into certain accounts for the primary purpose of financing projects and community activities and services. The provisions of this subchapter are intended primarily to set forth the permissible uses of and the procedure for accessing the funds remaining in and accruing to those accounts.
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