Originally Posted By: gromicko
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( February 13, 2004) – New Jersey Gov. James E. McGreevey recently signed into law the Lead Hazard Control Assistance Act (S.1348/A.1947), which was supported by New Jersey Association of REALTORS?. The law appropriates $2 million from the sale of bonds and lead-based paint inspection fees to provide financial assistance in the forms of grants or loans to owners of multifamily housing and to owners of residential dwellings for lead hazard control, according to Jarrod Grasso, vice president of government affairs for NJAR. Lead hazard control refers to the process of making housing safe from lead-based paint through abatement or through temporary measures?cleaning, repairs, painting, and temporary containment.
Low-interest loans of not more than $150,000 per project will be available under a program to be established by the Department of Community Affairs. Grants will be provided for persons without the financial ability to qualify for loans.
The legislation exempts one- and two-family homes from state requirements for lead-based paint inspections. But one- and two-family homeowners will still be able to apply for the low-interest loans and grants, whether or not the property is used as a rental unit, to conduct lead-hazard control work.
?By Pat Taylor for REALTOR? Magazine Online