The following terms whenever used or referred to in this act shall have the following respective meanings for the purposes of this act, except in those instances where the context clearly indicates otherwise:

a. “Act” shall mean this act and any amendments and supplements thereto, and any rules and regulations promulgated thereunder;

b. “Commissioner” shall mean the Commissioner of the Department of Community Affairs, or his delegates as the commissioner shall determine;

c. “Department” shall mean the Department of Community Affairs;

d. “Neighborhood preservation area” shall mean any area within a municipality as determined pursuant to subsection 8a. of this act;

e. “Housing rehabilitation” shall mean the reconstruction, remodeling, improvement, restoration, or repair of residential housing to sound condition;

f. “Housing rehabilitation loan” shall mean an interest or noninterest bearing loan to finance housing rehabilitation;

g. “Rehabilitation lender” shall mean any bank or trust company, savings bank, mortgage company, mortgage banker, credit union, national banking association, savings and loan association, building and loan association, life insurance company, and any other financial institution authorized to transact business in the State; provided that to qualify as a rehabilitation lender within the meaning of this act a rehabilitation lender must be on a list of approved rehabilitation lenders to be prepared and maintained by the department;

h. “Neighborhood preservation agency” or “agency” shall mean the entity or organization designated by the municipality in accordance with the provisions of this act. Such agency may include the municipality, counties, any public, quasi-public or private non-profit agency or organization and any housing authority or redevelopment agency existing or formed under the laws of this State;

i. “Neighborhood preservation project” shall mean an undertaking or activity of a neighborhood preservation agency in a neighborhood preservation area, involving housing rehabilitation, and shall be in accordance with the plan therefor, as shall be required by the commissioner pursuant to section 8 of this act;

j. “Sound condition” shall mean a condition which meets substantially the requirements of local housing codes, or in the event there is no local housing code, the alternate standards established by the department;

k. “State fund” shall mean the Department of Community Affairs’ Neighborhood Preservation Loan and Grant Fund as set forth in section 4 of this act;

l . “Local fund” shall mean the Neighborhood Preservation Loan and Grant Fund as may be established by a municipality pursuant to section 7 of this act.

L.1975, c. 249, s. 3, eff. Oct. 30, 1975.