N.J.S.A. 58:11B-10.7 — "Community Hazard Assistance Mitigation Program Loan Origination Fee" subaccount established.

58:11B-10.7 "Community Hazard Assistance Mitigation Program Loan Origination Fee" subaccount established. 4. a. There is established in the Community Hazard Assistance Mitigation Program Revolving Loan Fund a special subaccount to be known as the Community Hazard Assistance Mitigation Program Loan Origination Fee subaccount. The Community Hazard Assistance Mitigation Program Loan Origination Fee subaccount shall be credited with: (1) moneys deposited into the subaccount as loan origination fees received by the bank and paid by loan applicants for hazard mitigation and resilience projects; and (2) any interest paid on the amounts of the loan origination fees. b. Moneys in the Community Hazard Assistance Mitigation Program Loan Origination Fee subaccount shall be drawn and used by the bank to reimburse the bank for administrative and operating expenses incurred in administering the Community Hazard Assistance Mitigation Program. The monies in the Community Hazard Assistance Mitigation Program Loan Origination Fee subaccount shall also be available for application by the bank for loans to local government units and nonprofit organizations for the cost of hazard mitigation and resilience projects. Amounts in excess of the funds drawn by the bank from the subaccount established pursuant to this section during any given fiscal year shall be carried forward into the following fiscal year and held on deposit in the fund. L.2023, c.63, s.4.

This is the verbatim text of N.J.S.A. 58:11B-10.7, 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.