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 5:80-6.6 - Investment income earned on the PSR, DCE, and CDE
Universal Citation: NJ Admin Code 5:80-6.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) After payment of the annual administrative fee specified in N.J.A.C. 5:80-6.3has been funded, the investment income earned on the DCE and CDE may be used:
1. To fund current operating deficits and/or
arrearages, including debt service arrearages, of the project;
2. To pay the partners a return on equity to
the extent allowed by law and to the extent not paid from operating revenues of
the project, but only if there are no operating deficits or arrearages at the
project; and
3. In accordance with
the designated uses of the accounts or for other purposes requested by the
project sponsor and approved by the Agency.
(b) After funding the uses described in N.J.A.C. 5:80-6.5(b)1, 2, and 3 and the annual administrative fee specified at N.J.A.C. 5:80-6.3, the investment income on the PSR may be utilized in the manner set forth in (a) above.
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