New Jersey Statutes 55:14K-25. Reservation of funds for use in municipalities eligible for state aid for services and to offset property taxes
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Terms Used In New Jersey Statutes 55:14K-25
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
At least 25% of the funds made available by the agency for the acquisition, operation, construction, rehabilitation, conversion, improvement or ownership of residential properties of from one to four, or from five to 12, dwelling units shall be reserved for use in municipalities which qualify for State aid under P.L.1978, c. 14 (C. 52:27D-178 et seq.). The period of reservation shall be established by the agency at its discretion, but shall not be less than four months. The period may be extended at the agency’s discretion, with or without adjusting the amount of funds so reserved.
L.1983, c. 530, s. 25, eff. Jan. 17, 1984.