N.J. Admin. Code § 2:76-15.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 2:76-15.3 - Supplemental funding

(a) A nonprofit may request, in writing, supplemental funding for a project if it has accepted the eligible land cost under N.J.A.C. 2:76-15.2 and if the eligible land cost exceeds the grant amount awarded under N.J.A.C. 2:76-13.4.

(b) Provided sufficient funds are available, the Committee shall increase the amount of funding for a project in response to a request submitted under (a) above to cover 50 percent of the eligible land cost, development easement costs, or negotiated offer and allowable costs under N.J.A.C. 2:76-12.6.

(c) The Committee and the nonprofit shall execute an amendment to the project agreement in accordance with N.J.A.C. 2:76-16.1 to reflect any supplemental funding provided under this section.

N.J. Admin. Code § 2:76-15.3