N.J.S.A. 55:14K-106 — Definitions.

55:14K-106 Definitions. 3. As used in sections 4 through 7 of P.L.2025, c.111 (C.55:14K-107 through 55:14K-110): "Agency" means the New Jersey Housing and Mortgage Finance Agency, established pursuant to P.L.1983, c.530 (C.55:14K-1 et seq.). " Director" means the Director of the Division of Taxation in the Department of the Treasury. "Distressed older suburban municipality" means a municipality that is not designated by the agency as a targeted urban municipality, and that, in the determination of the agency, meets at least four of the following criteria: has experienced a sustained drop in income levels compared to the region; has an elevated percentage of residents living below 100 percent of the poverty line, adjusted for family size, established and adjusted under section 673 of the federal "Community Services Block Grant Act," (42 U.S.C. s.9902); experiences high rates of unemployment or low labor force participation rates; has a large share of homes built before 1960 and elevated rates of residential property vacancy and abandonment; experiences stagnant or declining property values; experiences declining commercial ratables; and experiences declining municipal capacity as a consequence of budget stress. "Four-Percent Low Income Housing Tax Credit" means the four-percent allocation from the federal Low Income Housing Tax Credit program established pursuant to section 42 of the federal Internal Revenue Code (26 U.S.C. s.42). "Low- and moderate-income housing" means housing affordable according to federal Department of Housing and Urban Development or other recognized standards for home ownership and rental costs and occupied or reserved for occupancy by households with a gross household income equal to less than 80 percent of the median gross household income for households of the same size within the housing region in which the housing is located. "Middle-income workforce housing" means housing affordable according to federal Department of Housing and Urban Development or other recognized standards for home ownership and rental costs and occupied or reserved for occupancy by households with a gross household income of 80 percent or more, but not exceeding 120 percent, of the median gross household income for households of the same size within the housing region in which the housing is located. "Targeted urban municipality" means the same as that term is defined by the agency pursuant to N.J.A.C.5:80-33.2, or successor regulation. L.2025, c.111, s.3.

This is the verbatim text of N.J.S.A. 55:14K-106, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.