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.
N.J. Stat. Ann. § 40A:20-16.1
Payment of net profits to municipality; condition
Known as the Long Term Tax Exemption Law
The act spans §§ 40A:20-1 to 40A:20-9 (27 sections).
L.1994,c.87,s.5.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.