HMFA Mortgage Program for Fire and Police Personnel - 03/15/2012

The Department of Community Affairs and New Jersey Housing and Mortgage Finance Agency recently announced a new, low mortgage rate for members of the New Jersey Police and Firemen's Retirement System who have a minimum of one year of creditable service.  For more information on the Police and Firemen's Retirement System Mortgage Program, please call 1-800-NJ-HOUSE.

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The Local Finance Board has proposed a rule concerning "Levy Cap Exclusion for Extraordinary Expenses Due to Emergencies."  The proposal was published in the NJ Register on February 21, 2012 as 44 N.J.R. 543(a) and can be viewed online.  The proposed new rules implements a provision of N.J.S.A. 40A:4-45.45.b that directs the Commissioner of Community Affairs to promulgate a regulation that defines extraordinary costs incurred by a local unit directly related to a declared emergency to be treated as an exclusion to a county, municipal, or fire district property tax levy.  Two rules with identical provisions are proposed: N.J.A.C. 5:30-3.9 affecting municipalities and counties, and N.J.A.C. 5:31-2.10 affecting fire districts.  There is a 60 day public comments period, which end on April 21, 2012.  Written comments can be submitted to: Marc Pfeiffer, Deputy Director, Division of Local Government Services, Department of Community Affairs, PO Box 803, Trenton, NJ 08625-0803.      

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Local Finance Notice 2012-1 provides an update regarding the annual cost of living increase for municipalities and fire districts that have Length of Service Award Plans (LOSAP) and provide a COLA increase each year.  The Notice describes the separate increase calculations for both municipal and fire district LOSAP plans that provide for COLA increases.

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