N.J. Admin. Code § 5:80-26.23

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:80-26.23 - Non-profit option on 95/5 units

(a) Non-profit entities may apply to COAH at any time for the right to purchase 95/5 units subsequent to the period of controls on affordability, provided the unit remains controlled by a deed restriction approved by COAH.

(b) Non-profit entities that have been designated by COAH shall be eligible to purchase low-or moderate-income units pursuant to 5:93-9.4 for the sole purpose of conveying or renting the housing unit to a low-or moderate-income purchaser or tenant at a price or rent not to exceed the allowable restricted sales price or rental. Low-income units shall be made available to low-income purchasers or tenants and the housing unit shall be regulated by the deed restriction and lien adopted by COAH, appended to this subchapter as Appendix B. The term of the controls on affordability shall be the same as those required by 5:93-9.2

New Rule, R.2004 d.475, effective 12/20/2004.
See: 36 New Jersey Register 3655(a), 36 New Jersey Register 5713(a).