N.J. Admin. Code § 19:31V-1.5

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

Section 19:31V-1.5 - Fees

(a) A developer applying for benefits pursuant to the Program shall submit a one-time non-refundable application fee. The application fee shall be as follows:

2. For projects not subject to (a)1 above, with total project cost of $ 50 million or less, the fee shall be $ 30,000. For other projects not subject to (a)1 above, the fee shall be $ 50,000 without phases and $ 75,000 with phases; and

3. For transformative projects, the fee shall be $ 100,000 for each phase included in the proposed project.

(b) A developer shall pay to the Authority the full amount 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.

(c) The developer shall pay to the Authority a non-refundable fee prior to the approval of the tax credit by the Authority as follows, except that the fee shall be refunded if the Authority does not approve the tax credit:

2. For projects that do not have any residential units with total project cost of $ 50 million or less, the fee shall be $ 50,000. For other projects that do not have residential units, the fee shall be $ 60,000 without phases and $ 250,000 with phases;

3. For projects not subject to (c)1 or 2 above, with total project cost of $ 50 million or less, the fee shall be $ 75,000. For other projects not subject to (c)1 or 2 above, the fee shall be $ 85,000 without phases and $ 275,000 with phases; and

4. For transformative projects, the fee shall be $ 500,000 for each phase included in the proposed project.

(d) For all redevelopment projects, including transformative projects, a developer shall pay, to the Authority, a non-refundable fee prior to the receipt of the tax credit certificate. For a phased transformative redevelopment project, the developer shall pay an additional non-refundable fee prior to the approval of the project cost certification for the second phase and each subsequent phase. The fee shall be as follows:

3. For projects not subject to (d)1 or 2, above, with total project cost of $ 50 million or less, the fee shall be $ 75,000. For other projects not subject to (d)1 or 2 above, the fee shall be $ 85,000 without phases and $ 275,000 with phases; and

4. For transformative projects, the fee shall be $ 500,000 for each phase included in the approved project.

(e) A developer shall pay, to the Authority, an annual servicing fee, beginning with the tax accounting or privilege period in which the Authority accepts the certification that the developer has met the eligibility requirements of the Program for the respective redevelopment project, or the first phase for a phased transformative project, and for the duration of the eligibility period pursuant to N.J.A.C. 19:31V-1.2. The annual servicing fee shall be paid to the Authority by the developer at the time the developer submits its annual report, as follows:

2. For projects that do not have any residential units with total project cost of $ 50 million or less, the fee shall be $ 30,000. For other projects that do not have residential units, the fee shall be $ 40,000 without phases and $ 100,000 with phases;

3. For projects not subject to (e)1 or 2 above, with total project cost of $ 50 million or less, the fee shall be $ 42,500. For other projects not subject to (e)1 or 2 above, the fee shall be $ 52,500 without phases and $ 112,500 with phases; and

4. For transformative projects, the fee shall be $ 200,000 for each phase included in the approved project.

(f) A developer applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31V-1.12, including use of the tax credit transfer certificate as collateral, or to pledge, assign, transfer, or sell any or all of its right, title, and interest in and to an incentive award agreement and in the incentive awards payable thereunder, shall pay to the Authority a fee, as follows:

2. For projects not subject to (f)1 above, with total project cost of $ 50 million or less, the fee shall be $ 10,000, and $ 5,000 for each additional request made annually. For other projects not subject to (f)1 above, the fee shall be $ 10,000 without phases and $ 5,000 for each additional request made annually, and $ 20,000 with phases, and $ 10,000 for each additional request made annually; and

3. For transformative projects, the fee shall be $ 20,000 and $ 10,000 for each additional request made annually, for each phase included in the approved project.

(g) A developer shall pay to the Authority a non-refundable fee for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval, as follows:

1. For projects utilizing tax credits pursuant to the Federal Low-Income Housing Tax Credit Program and that consist solely of units that are reserved for low- and moderate-income households, a non-refundable fee of $ 10,000 shall be paid for each request for any administrative change, addition, or modification to the tax credit; and a non-refundable fee of $ 30,000 shall be paid for any major change, addition, or modification to the tax credit, such as those requiring extensive staff time and Board approval;

2. For projects not subject to (g)1 above, with total project cost of $ 50 million or less, a non-refundable fee of $ 10,000 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 30,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval. For other projects not subject to (g)1 above, a non-refundable fee of $ 20,000 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 30,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval without phases and $ 150,000 with phases; and

3. For transformative projects, a non-refundable fee of $ 30,000 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 300,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval.

(h) A non-refundable fee shall be paid for the first six-month extension to the date by which the developer shall provide project financing and planning documentation required in the approval letter pursuant to N.J.A.C. 19:31V-1.8(a); and a non-refundable fee shall be paid for each subsequent extension, as follows:

2. For projects not subject to (h)1 above, with total project cost of $ 50 million or less, the fee shall be $ 7,500. For other projects not subject to (h)1 above, the fee shall be $ 10,000 without phases and $ 15,000 with phases; and

3. For transformative projects, the fee shall be $ 20,000 for each phase included in the approved project.

(i) A non-refundable fee shall be paid for the first six-month extension to the date by which the developer shall submit the satisfactory evidence with respect to the eligibility requirements of the Program pursuant to N.J.A.C. 19:31V-1.8(f) for the respective redevelopment project, or the respective phase of a phased transformative project pursuant to N.J.A.C. 19:31V-1.11(d); and a non-refundable fee shall be paid for each subsequent extension, as follows:

2. For projects not subject to (i)1 above, with total project cost of $ 50 million or less, the fee shall be $ 7,500 for each extension. For other projects not subject to (i)1 above, the fee shall be $ 10,000 without phases and for each subsequent extension shall be $ 15,000 and $ 15,000 with phases and for each subsequent extension shall be $ 30,000; and

3. For transformative projects, the fee shall be $ 20,000 for each phase included in the approved project and for each subsequent extension shall be $ 40,000 for each phase included in the approved project.

(j) A developer seeking to terminate an existing incentive agreement in order to participate in an incentive award agreement authorized pursuant to the Aspire Program shall pay to the Authority a non-refundable fee, as follows:

2. For projects not subject to (j)1 above, with total project cost of $ 50 million or less, the fee shall be $ 25,000. For other projects not subject to (j)1 above, the fee shall be $ 50,000; and

3. For transformative projects, the fee shall be $ 100,000 for each phase included in the approved project.

(k) The fees paid to the Authority pursuant to this section shall not affect or reduce any fees due to the Agency.

N.J. Admin. Code § 19:31V-1.5

Recodified from 19:31-23A.5 56 N.J.R. 807(a), effective 5/6/2024