N.J. Admin. Code § 19:31Y-1.5

Current through Register Vol. 56, No. 18, September 16, 2024

Section 19:31Y-1.5 - Fees

(a) A business entity applying for tax credits under this program shall submit a one-time non-refundable application fee. The application fee shall be as follows:

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 2,000;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 7,000; and

3. For transformative projects, the fee shall be $ 18,000.

(b) A business entity 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 business entity 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:

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 5,000;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 14,000; and

3. For transformative projects, the fee shall be $ 125,000.

(d) The business entity shall pay to the Authority a non-refundable fee prior to the execution of the rehabilitation agreement as follows:

1. If the business entity is applying for a Federal Historic Preservation Tax Credit and has received prior approval of applications from the Officer pursuant to Parts 1 and 2 of the Historic Preservation Certification Application pursuant to 36 CFR 67.3, and if the rehabilitation project's cost of rehabilitation is $ 10 million or less, the fee shall be $ 5,000.

2. For all other rehabilitation projects with a cost of rehabilitation of $ 10 million or less that have not received prior approval of applications from the Officer as specified at (d)1 above, the fee shall be $ 10,000.

3. If the business entity is applying for a Federal Historic Preservation Tax Credit and has received prior approval of applications from the Officer pursuant to Parts 1 and 2 of the Historic Preservation Certification Application pursuant to 36 CFR 67.3, and if the rehabilitation project's cost of rehabilitation is greater than $ 10 million, the fee shall be $ 14,000.

4. For all other rehabilitation projects with cost of rehabilitation greater than $ 10 million that have not received prior approval of applications from the Officer as specified at (d)3 above, the fee shall be $ 28,000.

5. If a business entity with a transformative project is applying for a Federal Historic Preservation Tax Credit and has received prior approval of applications from the Officer pursuant to Parts 1 and 2 of the Historic Preservation Certification Application pursuant to 36 CFR 67.3, the fee shall be $ 125,000.

6. For all other transformative projects that have not received prior approval of applications from the Officer as specified at (d)5 above, the fee shall be $ 250,000.

(e) For all rehabilitation projects, including transformative projects, a business entity shall pay to the Authority a non-refundable fee prior to the receipt of the tax credit certificate. For a rehabilitation project with a selected rehabilitation period of 60 months, the business entity 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:

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 5,000;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 14,000; and

3. For transformative projects, the fee shall be $ 125,000.

(f) A business entity applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31Y-1.11, or permission to pledge a tax credit transfer certificate purchase contract as collateral, shall pay to the Authority a fee, as follows:

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 5,000;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 7,500; and

3. For transformative projects, the fee shall be $ 25,000.

(g) Upon application to pledge, assign, transfer, or sell any or all of its rights, title, and interest in and to a rehabilitation agreement and in the tax credits payable thereunder, a developer shall pay to the Authority a fee, as follows:

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 2,500;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 5,000; and

3. For transformative projects, the fee shall be $ 50,000.

(h) A business entity 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 rehabilitation projects with cost of rehabilitation of $ 10 million or less, a non-refundable fee of $ 2,500 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 5,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, a non-refundable fee of $ 5,000 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 10,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval; and

3. For transformative projects, a non-refundable fee of $ 50,000 shall be paid for each request for any administrative changes, additions, or modifications to the tax credit; and a non-refundable fee of $ 125,000 shall be paid for any major changes, additions, or modifications to the tax credit, such as those requiring extensive staff time and Board approval.

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

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 2,500;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 5,000; and

3. For transformative projects, the fee shall be $ 10,000.

(j) A non-refundable fee shall be paid for the first six-month extension to the date by which the business entity shall submit the satisfactory evidence with respect to the eligibility requirements of the program pursuant to N.J.A.C. 19:31Y-1.8(d) for the respective redevelopment project, or the respective phase of a rehabilitation project with a selected rehabilitation period of 60 months; and a non-refundable fee shall be paid for each subsequent extension, as follows:

1. For rehabilitation projects with cost of rehabilitation of $ 10 million or less, the fee shall be $ 2,500;

2. For rehabilitation projects with cost of rehabilitation greater than $ 10 million, the fee shall be $ 5,000; and

3. For transformative projects, the fee shall be $ 10,000.

N.J. Admin. Code § 19:31Y-1.5

Recodified from 19:31-26.5 56 N.J.R. 807(a), effective 5/6/2024