N.J. Admin. Code § 19:31F-1.3

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31F-1.3 - Application for financial assistance

(a) Each application for financial assistance from the Fund shall be accompanied by a non-refundable application fee of $ 1,000. A non-refundable commitment fee of .875 percent of the loan amount is charged with the acceptance by an applicant of a direct loan commitment under the Local Development Financing Fund. The fee to be paid at closing is .875 percent of the loan amount. If financial assistance is provided from the Fund to purchase a participation in a bank loan, a non-refundable fee of $ 750.00 is charged with the acceptance of a commitment under the Fund. A closing fee is not charged for a bank participation from the Fund.

(b) Each application for financial assistance from the Fund shall be accompanied by evidence of the support of the municipality in which the project is located. For purposes of these rules, evidence of municipal support shall mean an approved resolution of the governing body of the municipality.

(c) Each application for financial assistance from the Fund shall be accompanied by a benefit statement prepared by the applicant. The benefit statement shall address:

1. The number of permanent jobs to be created in the municipality in which the project is located, excluding the period of construction or development;

2. The number of jobs preserved by the completion of the project in the case of an existing enterprise;

3. The increase in the valuation of real property in the municipality as a result of the completion of the project;

4. Whether the project will result in the maintenance or provision of at least the same number of housing units at comparable rates as exists prior to the undertaking of the project;

5. Whether the project will be located in an area targeted for economic development and receiving Federal, State and/or local development assistance under other programs;

6. The extent to which the project will contribute to an economic revitalization of the municipality and/or the region;

7. The extent to which the project will advance State and/or regional planning and development strategies; and

8. The extent to which the location of the project is accessible to and promotes the use of public transportation.

(d) Each application for financial assistance from the Fund shall be accompanied by evidence of private source or other public source financing commitments.

(e) Each application for financial assistance from the Fund shall be accompanied by evidence of all requisite Federal and/or State environmental permits necessary for the project.

(f) Each application for financial assistance from the Fund shall be accompanied by a plan for the utilization of minority and women contractors and equal opportunity for employment in connection with the project (see N.J.A.C. 19:31F-1.6).

N.J. Admin. Code § 19:31F-1.3

Amended by R.2009 d.38, effective 1/20/2009.
See: 40 N.J.R. 5954(a), 41 N.J.R. 638(a).
In (a), substituted "$ 1,000" for "$ 500.00", and inserted the last two sentences.
Amended by R.2010 d.285, effective 12/6/2010.
See: 42 N.J.R. 2019(a), 42 N.J.R. 2969(a).
In (a), added the last two sentences.

Recodified from 19:31-7.3 56 N.J.R. 807(a), effective 5/6/2024