N.J. Admin. Code § 2:76-12.2

Current through Register Vol. 56, No. 19, October 7, 2024

Section 2:76-12.2 - General provisions

(a) The Committee may provide a grant to a nonprofit for up to 50 percent of the cost of acquisition of development easements on farmland or up to 50 percent of the cost of acquisition of fee simple titles to farmland from willing sellers.

(b) The Committee shall establish a maximum funding limit per project or per applicant based on available funds and project priorities established pursuant to criteria contained at 2:76-6.1 6. There is no minimum or maximum grant request amount. Any funding awarded by the Committee is subject to approval by the Garden State Preservation Trust and legislative appropriation.

(c) A nonprofit may use as its matching share of the cost of acquisition its own funds or a donation of all or a portion of the eligible development easement cost or fee simple acquisition of the land cost of the project site.

(d) A nonprofit shall not use as its matching share of the cost of acquisition either:

1. The value of lands that the nonprofit owns at the time of application for Committee funding;

2. The value of lands that were acquired with funds obtained under the Committee or any other State grant or loan program for the purpose of acquiring land; or

3. Funds obtained under the Committee or any other State grant or loan program for the purpose of acquiring a development easement on farmland or fee simple title to farmland.

(e) If the value of the donated land that the nonprofit uses as its matching share exceeds 50 percent of the cost of acquisition, the Committee shall reduce the amount of the funding it provides by the amount by which the donation exceeds 50 percent of the cost of acquisition.

(f) The nonprofit is responsible for meeting all requirements of all Committee rules, other State statutes, Federal statutes, and local ordinances, as applicable.

N.J. Admin. Code § 2:76-12.2