N.J. Admin. Code § 16:53C-4.3

Current through Register Vol. 57, No. 1, January 6, 2025

Section 16:53C-4.3 - Duration of financial assistance

(a) Financial assistance for a project is limited in duration to a period not to exceed three years from the date of execution of the project agreement. Should circumstances dictate that a project's duration extend beyond the agreement's expiration date, the sponsor shall request such an extension from the Department in writing, including a detailed justification for the request.

(b) Circumstances to be considered upon a request for an extension of the duration of assistance shall include, but not be limited to: unanticipated additional work directly associated with the project; inability to accomplish the project within the specified time-frame due to circumstances beyond the sponsor's control; and forced staging of financing over a period greater than three years.

Amended by 48 N.J.R. 1681(a), effective 8/15/2016