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Section: Disposition of shares

Statute: 52:27D-369

As used in this act: a. "Commissioner" means the Commissioner of the Department of Community Affairs; b. "Corporation" means a neighborhood housing services corporation or umbrella corporation, as defined hereinafter, unless the context indicates otherwise; c. "Department" means the Department of Community Affairs; d. "Fund" means the Neighborhood Housing Services Grant Fund established pursuant to section 5 of this act; e. "Housing rehabilitation loan" means any loan made by a neighborhood housing services corporation or umbrella corporation to a homeowner pursuant to section 7 of this act; f. "Neighborhood housing services corporation" means a private, nonprofit, community-based corporation organized under Title 15A of the New Jersey Statutes to develop and administer a local neighborhood housing services program, established in connection with the National Neighborhood Reinvestment Corporation or recognized by the commissioner as substantially the equivalent of a corporation so established; g. "Neighborhood housing services program" means a program which is established and supervised by a neighborhood housing services corporation for the purpose of administering the corporation's goals and services within a specific neighborhood; h. "Residential borrower" means any homeowner who has entered into a contract for a loan with a neighborhood housing services corporation or umbrella corporation as provided in section 7 of this act; and i. "Umbrella corporation" means a neighborhood housing services corporation which establishes and supervises two or more neighborhood housing services corporations. L. 1987, c. 50, s. 4.

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