204-C:51 Local Laws and Taxes. –
I. All multi-family housing financed under this chapter shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable in the municipality in which such multi-family housing is situated. In the planning and location of any multi-family housing, the authority shall take into consideration the relationship of such multi-family housing to any larger plan or long-range program for the development of any such municipality.
II. With the consent of the local governing body of such municipality, the authority may require the eligible mortgagor to enter into an agreement between such municipality and the authority pursuant to which the multi-family housing financed by the authority shall be exempt from local real estate taxes, and the eligible mortgagor shall be required to make payments in lieu of taxes to the state or any political subdivision of the state as the authority finds consistent with the maintenance of the character of such multi-family housing which is occupied by elderly and low income persons and families and for the achievement of the other purposes of this chapter.