N.J. Stat. Ann. § 55:17-1 et seq. § 55:17-9
Definitions
Operative Text
For the purposes of this act, the following terms shall have the designated meanings: (a) "Lease or financial agreement" means any contractual arrangement between a governmental body or agency and some other person, pursuant to applicable statute, which is calculated to render financially feasible the undertaking of any project for redevelopment, renewal or rehabilitation, and shall include without limitation the granting of exemption from taxes, the payment of moneys for charges in lieu of taxes, and any other arrangement to assist in the realization of a project. (b) "Governmental body or agency" means any governmental body or agency of the United States, of this State or of any subdivision thereof, which may be a party to or participant in any project. (c) "Project" means any undertaking, whether of one or more units, which is the subject of any lease or financial arrangement for redevelopment, renewal or rehabilitation. (d) "Holder of a mortgage loan" means any person, association or corporation advancing funds, either for construction loans or for temporary or permanent financing, in respect to lands, improvements or both which constitute a project or part of a project. (e) "Mortgagor" means any person, association or corporation having an interest in a project which is subject to a mortgage loan, whether or not the original mortgagor or a successor or assignee subject to the mortgage. (f) "Default or foreclosure" means any event entitling the holder of the mortgage loan to pursue any one or more remedies available under this act or by other law or by contract, without regard to whether a traditional foreclosure or strict foreclosure occurs in fact. L.1967, c. 304, s. 9, eff. Feb. 15, 1968. Amended by L.1977, c. 368, s. 1, eff. Feb. 6, 1977.
Section 55:17-9 of N.J.S.A. 55:17-1 et seq. establishes the foundational vocabulary for New Jersey's redevelopment financing law. It defines key terms—including 'lease or financial agreement,' 'governmental body or agency,' 'project,' 'holder of a mortgage loan,' 'mortgagor,' and 'default or foreclosure'—that govern how redevelopment, renewal, and rehabilitation undertakings are structured and financed. These definitions set the boundaries of who and what falls under the act's protections and obligations, shaping how all other provisions of the statute are interpreted.
Plain English — not legal advice.
Property owners and developers involved in redevelopment, renewal, or rehabilitation projects that rely on government-backed financing should be familiar with the precise definitions established in N.J.S.A. 55:17-1 et seq. § 55:17-9. Operators who participate in such projects—whether through tax exemptions, payments in lieu of taxes, or other financial arrangements with a governmental body—are working within the framework these definitions create. Understanding how terms like 'project' and 'lease or financial agreement' are defined under § 55:17-9 helps ensure that contractual and compliance obligations are interpreted consistently with the statute.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Tenants living in housing that is part of a redevelopment, renewal, or rehabilitation project may be affected by the legal framework that N.J.S.A. 55:17-1 et seq. § 55:17-9 helps establish. The definitions in this section—particularly of 'project' and 'governmental body or agency'—determine whether a given property falls under the act's scope, which can have implications for financing arrangements and related tenant protections. Tenants who believe their housing is part of such a project may find it useful to consult a tenant-rights organization or legal aid provider to understand how these definitions apply to their situation.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated October 6, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
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