N.J. Admin. Code § 19:31M-1.14

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

Section 19:31M-1.14 - Fees

(a) A non-refundable application fee of $ 1,000 shall accompany every application for assistance.

(b) A non-refundable commitment fee of two percent of the assistance not to exceed $ 75,000 shall be charged with the acceptance by an applicant of the assistance.

(c) For each project with total approved tax credits of $ 1,000,000 or less, a non-refundable fee of $ 1,000 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 2,500 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval. For each project with total approved tax credits of $ 1,000,000 to $ 5,000,000, a non-refundable fee of $ 2,500 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 7,500 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval. For each project with total approved tax credits in excess of $ 5,000,000, a non-refundable fee of $ 5,000 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 25,000 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval.

(d) In addition to the fees in (a), (b) and (c) above, an annual servicing fee shall be paid to the Authority. The servicing fee shall be two percent of the annual tax credit amount that may be applied not to exceed $ 75,000.

(e) The full amount shall be paid of direct costs of due diligence, including, but not limited to, debarment/disqualification reviews, or other analyses by a third-party retained by the Authority, if the Authority deems such retention to be necessary.

N.J. Admin. Code § 19:31M-1.14

New Rule, R.2010 d.178, effective 8/16/2010.
See: 42 N.J.R. 904(a), 42 N.J.R. 1900(b).
Former N.J.A.C. 12A:2-1.14, Events of default, recodified to N.J.A.C. 12A:2-1.15.
Recodified from N.J.A.C. 12A:2-1.14 by R.2010 d.231, effective 10/18/2010.
See: 42 N.J.R. 1495(b), 42 N.J.R. 2436(a).
Amended by R.2011 d.208, effective 8/1/2011.
See: 43 N.J.R. 1192(a), 43 N.J.R. 1900(a).
Added (d).
Amended by R.2015 d.014, effective 1/20/2015.
See: 46 N.J.R. 1593(a), 47 N.J.R. 277(b).
Rewrote (c).
Amended by R.2020 d.122, effective 11/16/2020.
See: 52 N.J.R. 1612(a), 52 N.J.R. 2064(a).
Added (e).

Recodified from 19:31-14.14 56 N.J.R. 807(a), effective 5/6/2024