State Codes and Statutes

Statutes > New-jersey > Title-55 > Section-55-14k > 55-14k-14

55:14K-14.  Boarding house rental assistance fund
    There is hereby established in the Department of Community Affairs a fund to  be known as the  "Boarding House Rental Assistance Fund."   The fund shall be  under the control of the Commissioner of the Department of Community Affairs.   The fund shall be maintained by the Department of the Treasury and may be  invested by the Division of Investment in the Department of the Treasury in  investments in which other State funds may be invested.  There shall be  deposited in the fund all moneys appropriated thereto by the Legislature and  any other moneys made available for the purposes for which the fund is  established.  The fund is established for the purposes of (i) providing rental  assistance to residents of boarding houses in need of assistance to meet the  rental payments at the boarding houses in which they reside necessitated by the  construction, acquisition or rendering of life safety improvements at or to the  boarding houses with the proceeds of the life safety improvement loans made by  the agency, (ii) providing a source of repayment for such life safety  improvement loans, and (iii) subject to the approval of the treasurer, paying  the cost to the Department of Community Affairs of discharging its obligations  under sections 13 through 17 of this act.  If needed to meet on a timely basis that part of the rental obligations of residents of boarding houses attributable to debt service (including fees and charges payable to the agency)  on life safety improvement loans made by the agency to finance the construction, acquisition or rendering of life safety improvements at said boarding houses, the commissioner shall disburse from the fund to or on behalf  of the residents of the boarding houses the amount of money which, together  with amounts already disbursed and to be disbursed, will be sufficient to meet  on a timely basis that part of the rental obligations of the residents of the  boarding houses.  If for any reason rental assistance payments made on behalf  of residents are not sufficient to meet the debt service payments on the life  safety improvement loans, then the commissioner shall disburse from the fund  such amounts as are necessary to meet the debt service payments;  or, upon the  request of the agency, the commissioner shall disburse such amounts as are  necessary to fully pay the life safety improvement loan and all related costs.

     L.1983, c. 530, s. 14, eff. Jan. 17, 1984.