As used in this act:
a. “Completion of construction” means issuance of a certificate of occupancy pursuant to section 15 of the “State Uniform Construction Code Act,” P.L. 1975, C. 217 (C. 52:27D-133. Certificates of occupancy );
b. “Constructed” means constructed, erected or converted but excludes rehabilitation of premises rented previously for residential purposes without an intervening use for other purposes for a period of at least two years prior to conversion. Mere vacancy shall not be considered an intervening use for the purposes of this subsection;
C. “Constructed after the effective date of this act” means constructed pursuant to a construction permit issued on or after the effective date of this act;
d. “Constructed for senior citizens” means constructed under a governmental program restricting occupancy of at least 90% of the dwelling units to senior citizens and any members of their immediate households or their occupant surviving spouses, or constructed as a retirement subdivision or retirement community as defined in the “Retirement Community Full Disclosure Act,” P.L. 1969, C. 215 (C. 45:22A-1. Short title et seq.);
e. “Multiple dwelling” means any building or structure and land appurtenant thereto containing four or more dwelling units, other than dwelling units constructed for occupation by senior citizens, rented or offered for rent to four or more tenants or family units;
f. “Period of amortization” means the time during which the principal amount of the mortgage loan and interest thereon would be paid entirely through periodic payments, whether or not the term of the mortgage loan is for a shorter period concluding with a balloon payment; and
g. “Senior citizens” means persons 62 years of age or older.
L. 1987, C. 153, S.1.
Original Text maintained by the State of New Jersey:
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