LegalFix
Sign In

Section 52:27D-63 - Revolving housing development and demonstration grant fund

NJ Rev Stat § 52:27D-63 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

52:27D-63. Revolving housing development and demonstration grant fund

(a) There is hereby created and established in the department a revolving and demonstration grant fund to be known as the Revolving Housing Development and Demonstration Grant Fund, which fund shall consist of:

(1) All moneys appropriated and made available by the Legislature of this State for inclusion therein;

(2) Notwithstanding the provisions of any other act or part thereof, any moneys which the department shall receive in repayment of advances from the fund; and

(3) Any other moneys made available to the department from any source or sources, which the commissioner shall determine to use for the purposes authorized by this act.

(b) Any moneys held in such fund not required or permitted to be disbursed immediately by this act may be invested or reinvested, at the discretion of the commissioner, in legal obligation of this State or the United States. Any income or interest earned by, or increment to, moneys so invested or reinvested shall be added to the moneys held in such fund for the purposes authorized by this act.

L.1967, c. 82, s. 5, eff. May 31, 1967.

Previous Section
Section 52:27D-62 - Definitions
Next Section
Section 52:27D-64 - Advances to nonprofit and mutual housing sponsors; repayment