State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-27d > 52-27d-64-1

52:27D-64.1.  Legislative findings;  importance of housing finance agency to  revolving housing development and demonstration grant fund
    The Legislature finds that the Revolving Housing Development and Demonstration Grant Fund established under section 5 of the act to which this act is a supplement, through advances to nonprofit and mutual housing sponsors to defray initial development costs of housing projects to be constructed or rehabilitated with mortgages subsidized by State and Federal agencies and through the establishment of and grants to demonstration programs which develop, test and report methods and techniques for preventing and eliminating slums and blight in urban and nonfarm rural areas and rehabilitating housing for families of moderate income, has served to encourage nonprofit and mutual housing sponsors to construct and rehabilitate new and improved moderate income  housing for the residents of this State.  The Legislature further finds,  however, that the continued success of this program is dependent upon a  healthy, viable, and protected New Jersey Housing Finance Agency since that agency is the primary State instrumentality for financing actual construction and rehabilitation of moderate income housing units.  The Legislature finds that the seed money advances and demonstration grants made through the Revolving Housing Development and Demonstration Grant Fund will not continue to  generate additional moderate income housing and innovative housing techniques  unless private, nonprofit enterprises are able to obtain sufficient moneys to undertake actual development of moderate income housing through mortgages from  the New Jersey Housing Finance Agency.

    Further, the Legislature finds that uncertainties in the municipal bond market have made it increasingly difficult for the New Jersey Housing Finance Agency, notwithstanding its excellent management and financial records, to sell  notes, bonds, and other obligations of the agency and, accordingly, the health,  vitality, and productivity of that agency is threatened.  The Legislature  further finds that expanding the uses of this fund to authorize the  commissioner to invest in notes, bonds, or other obligations of the New Jersey  Housing Finance Agency and to make grants to the New Jersey Housing Finance  Agency so that said agency may establish funds to secure notes, bonds and other  obligations of the agency will assist that agency in overcoming the municipal  bond market uncertainties and thus retain the vitality of both that agency and  the Revolving Housing Development and Demonstration Grant Fund, as well as  further serve the valid public purpose of protecting the health and welfare of  the residents of this State by eliminating the slums and blighted sections of  the urban and nonfarm rural area of this State and ending the shortage of safe  and sanitary housing accommodations in this State available to families with moderate income.

     L.1976, c. 4, s. 1, eff. Feb. 6, 1976.
 

State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-27d > 52-27d-64-1

52:27D-64.1.  Legislative findings;  importance of housing finance agency to  revolving housing development and demonstration grant fund
    The Legislature finds that the Revolving Housing Development and Demonstration Grant Fund established under section 5 of the act to which this act is a supplement, through advances to nonprofit and mutual housing sponsors to defray initial development costs of housing projects to be constructed or rehabilitated with mortgages subsidized by State and Federal agencies and through the establishment of and grants to demonstration programs which develop, test and report methods and techniques for preventing and eliminating slums and blight in urban and nonfarm rural areas and rehabilitating housing for families of moderate income, has served to encourage nonprofit and mutual housing sponsors to construct and rehabilitate new and improved moderate income  housing for the residents of this State.  The Legislature further finds,  however, that the continued success of this program is dependent upon a  healthy, viable, and protected New Jersey Housing Finance Agency since that agency is the primary State instrumentality for financing actual construction and rehabilitation of moderate income housing units.  The Legislature finds that the seed money advances and demonstration grants made through the Revolving Housing Development and Demonstration Grant Fund will not continue to  generate additional moderate income housing and innovative housing techniques  unless private, nonprofit enterprises are able to obtain sufficient moneys to undertake actual development of moderate income housing through mortgages from  the New Jersey Housing Finance Agency.

    Further, the Legislature finds that uncertainties in the municipal bond market have made it increasingly difficult for the New Jersey Housing Finance Agency, notwithstanding its excellent management and financial records, to sell  notes, bonds, and other obligations of the agency and, accordingly, the health,  vitality, and productivity of that agency is threatened.  The Legislature  further finds that expanding the uses of this fund to authorize the  commissioner to invest in notes, bonds, or other obligations of the New Jersey  Housing Finance Agency and to make grants to the New Jersey Housing Finance  Agency so that said agency may establish funds to secure notes, bonds and other  obligations of the agency will assist that agency in overcoming the municipal  bond market uncertainties and thus retain the vitality of both that agency and  the Revolving Housing Development and Demonstration Grant Fund, as well as  further serve the valid public purpose of protecting the health and welfare of  the residents of this State by eliminating the slums and blighted sections of  the urban and nonfarm rural area of this State and ending the shortage of safe  and sanitary housing accommodations in this State available to families with moderate income.

     L.1976, c. 4, s. 1, eff. Feb. 6, 1976.
 

State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-27d > 52-27d-64-1

52:27D-64.1.  Legislative findings;  importance of housing finance agency to  revolving housing development and demonstration grant fund
    The Legislature finds that the Revolving Housing Development and Demonstration Grant Fund established under section 5 of the act to which this act is a supplement, through advances to nonprofit and mutual housing sponsors to defray initial development costs of housing projects to be constructed or rehabilitated with mortgages subsidized by State and Federal agencies and through the establishment of and grants to demonstration programs which develop, test and report methods and techniques for preventing and eliminating slums and blight in urban and nonfarm rural areas and rehabilitating housing for families of moderate income, has served to encourage nonprofit and mutual housing sponsors to construct and rehabilitate new and improved moderate income  housing for the residents of this State.  The Legislature further finds,  however, that the continued success of this program is dependent upon a  healthy, viable, and protected New Jersey Housing Finance Agency since that agency is the primary State instrumentality for financing actual construction and rehabilitation of moderate income housing units.  The Legislature finds that the seed money advances and demonstration grants made through the Revolving Housing Development and Demonstration Grant Fund will not continue to  generate additional moderate income housing and innovative housing techniques  unless private, nonprofit enterprises are able to obtain sufficient moneys to undertake actual development of moderate income housing through mortgages from  the New Jersey Housing Finance Agency.

    Further, the Legislature finds that uncertainties in the municipal bond market have made it increasingly difficult for the New Jersey Housing Finance Agency, notwithstanding its excellent management and financial records, to sell  notes, bonds, and other obligations of the agency and, accordingly, the health,  vitality, and productivity of that agency is threatened.  The Legislature  further finds that expanding the uses of this fund to authorize the  commissioner to invest in notes, bonds, or other obligations of the New Jersey  Housing Finance Agency and to make grants to the New Jersey Housing Finance  Agency so that said agency may establish funds to secure notes, bonds and other  obligations of the agency will assist that agency in overcoming the municipal  bond market uncertainties and thus retain the vitality of both that agency and  the Revolving Housing Development and Demonstration Grant Fund, as well as  further serve the valid public purpose of protecting the health and welfare of  the residents of this State by eliminating the slums and blighted sections of  the urban and nonfarm rural area of this State and ending the shortage of safe  and sanitary housing accommodations in this State available to families with moderate income.

     L.1976, c. 4, s. 1, eff. Feb. 6, 1976.