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New Jersey Statutes, Title: 40A, MUNICIPALITIES AND COUNTIES

    Chapter 20:

      Section: 40A:20-16.1: Payment of net profits to municipality; condition

           5. The provisions of section 16 of P.L.1991, c.431 (C.40A:20-16) to the contrary notwithstanding, a nonprofit corporation that is the sponsor of a qualified subsidized housing project shall not be required to pay over to the municipality its net profits, if any, for any year in which it is subject to federal requirements concerning residual receipts.

L.1994,c.87,s.5.



This section added to the Rutgers Database: 2012-09-26 13:37:53.






Older versions of 40a:20-16.1 (if available):



Court decisions that cite this statute: CLICK HERE.