Common use of Program Inception / Duration Clause in Contracts

Program Inception / Duration. It is anticipated that the program will start with a 3 month pilot program to begin within 90 days of U.S. Treasury's funding. At the end of the 3-month period, NJHMFA along with key stakeholders will review the NJKA Program and make the necessary changes, as are approved by Treasury, in order to better serve New Jersey’s unemployed and substantially underemployed homeowners. Mortgage loan originations with this funding will take place over a three-year period until funds are exhausted. Subsequent originations may be made up to December 31, 2017 using any homeowner loan repayment funds.

Program Inception / Duration. It is anticipated that the program will start with a 3 month pilot program to begin within 90 days of U.S. Treasury's funding. At the end of the 3-month period, NJHMFA along with key stakeholders will review the NJKA NJHK Program and make the necessary changes, as are approved by Treasury, in order to better serve New Jersey’s unemployed and substantially underemployed homeowners. Mortgage loan originations with this funding will take place over a three-year period until funds are exhausted. Subsequent originations may be made up to December 31, 2017 using any homeowner loan repayment funds.