N.J. Admin. Code § 19:31F-1.8

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

Section 19:31F-1.8 - Rescission of financial assistance from the Fund

(a) The Authority may at its discretion rescind part or all of the financial assistance from the Fund when it has become evident after the granting of financial assistance that:

1. The commitment of other financial resources from private sources has been withdrawn;

2. The project is judged no longer capable of repaying the Fund for the financial assistance it has received;

3. The project is judged incapable of achieving its target requirement, pursuant to N.J.A.C. 19:31F-1.7, or that the project is not employing good faith efforts to achieve the requirements pursuant to N.J.A.C. 19:31F-1.7; or

4. The participants in the project are found not to be of a good moral character. Such a finding may be based on convictions of felony offenses or any other conduct of the applicant which may be viewed in a nonfavorable light by a reasonable person.

(b) Upon determination of the Authority that financial assistance from the Fund shall be rescinded, the Authority shall send a certified letter to the applicant and the sponsor informing them of the rescission.

N.J. Admin. Code § 19:31F-1.8

Recodified from 19:31-7.8 56 N.J.R. 807(a), effective 5/6/2024