Fair Share Mt Laurel Senior

Key facts from Fair Share Mt Laurel Senior's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Units / lots

70 units (Phase I); 56 units (Phase III); 58 units (Phase II) (Phase I PROJECT SUMMARY 'seventy (70) ag)

Governing law

HOME Investment Partnerships Program (24 CFR Part 92) for Phase I; Section 42 of the Internal Revenue Code and N.J.A.C. 5:80-33 for Phase III; New Jersey Housing and Mortgage Finance Agency Law (N.J.S.A. 55:14K-1 et seq.) and Section 142(d) (HOME Restriction p.1 'WHEREAS...'; LIHTC)

Age restriction

Yes, for all phases (senior housing for persons 55+ or older) (Phase I PROJECT SUMMARY 'age-restricted )

Leasing & rentals

Not less than one year (Phase I HOME Restriction Section 12 'ter)

Use restrictions

Yes, strictly residential rental; no hotel/motel/dormitory/etc. (Phase I Section 1; Phase II Section 3(c))

Amendments

Amendments require written consent of Lender (Phase I) or Agency (Phase III). Phase II: not explicit but likely similar (subject to Loan Documents). (Phase I Section 25; Phase III LIHTC Cove)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.