| PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: 55, TENEMENT HOUSES AND PUBLIC HOUSING
Chapter 14k:
Section: 55:14k-91: Execution of lease-purchase agreement.
11. A sponsor who receives monies from the fund and the homeowner shall execute a lease-purchase agreement, not to exceed a term of 36 months, that includes the following:
a. The terms and conditions under which the sponsor shall convey the property to the homeowner or other member of the household upon termination of the use and occupancy period;
b. Provisions permitting the homeowner and other members of the household to remain in the property during the use and occupancy period in exchange for an affordable rent; and
c. A provision that the property will be sold back to the homeowner or to another member of the household at a price not to exceed the price at which the sponsor purchased the property plus reasonable sponsor maintenance costs.
L.2008, c.127, s.11.
This section added to the Rutgers Database: 2012-09-26 13:37:57.
Older versions of 55:14k-91 (if available):
Court decisions that cite this statute:
CLICK HERE.