N.J.S.A. 55:14K-108 — Tax credit purchaser, contract, New Jersey Housing and Mortgage Finance Agency.

55:14K-108 Tax credit purchaser, contract, New Jersey Housing and Mortgage Finance Agency. 5. A purchaser that submits a successful bid for the purchase of tax credits pursuant to section 4 of P.L.2025, c.111 (C.55:14K-107) shall enter into a contract with the agency that includes payment information and the commitments made by the purchaser in its auction bid. A purchaser that submits a successful bid for the purchase of tax credits pursuant to section 4 of P.L.2025, c.111 (C.55:14K-107) shall pay by wire transfer the amount specified in its auction bid to the agency. Upon receipt thereof, the Executive Director of the agency shall notify the director to issue tax credits in the amount approved. Failure by the purchaser to pay the amount agreed upon on time shall disqualify the purchaser from purchasing the tax credits and the agency may reassign the right to purchase the credits to another bidder. Failure by the purchaser to adhere to the commitments made in its auction bid shall disqualify the purchaser from participating in future auctions and may result in the recapture of a portion of the tax credits. L.2025, c.111, s.5.

This is the verbatim text of N.J.S.A. 55:14K-108, 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.