N.J. Admin. Code § 5:102-2.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 5:102-2.2 - Eligible property

(a) A historic preservation project is eligible for a historic preservation loan only if, at the time the Trust receives the loan application, the property which is the subject of the project is:

1. Individually listed in the National or State Register of Historic Places;

2. Located within a historic district listed in the National or State Register of Historic Places and identified in the nomination of the district as contributing to the significance of the district;

3. Included in a thematic listing of historic resources in the State National Register of Historic Places; or

4. Certified by the Deputy State Historic Preservation Officer that the property, structure, facility or site is approved for listing or meets the criteria for listing in the State Register of Historic Places as set forth in N.J.A.C. 7:4.

(b) Unless the purpose of the historic preservation loan is to fund an acquisition, a historic preservation project is eligible for a historic preservation loan only if, at the time the Trust receives the loan application, the property which is the subject of the project is:

1. Owned in fee simple by the applicant; or

2. If the property is not owned in fee simple by the applicant, the applicant shall have possession and sufficient control over the property pursuant to a long-term lease to guarantee the continuing preservation, on-going maintenance, and public access requirements for the historic property pursuant to this chapter. No historic preservation project proposed for leased property shall be approved for funding unless:

i. The lease may not be revoked at will by the lessor;

ii. The unexpired term of the lease is for the length of the term in the proposed historic preservation loan or more as of the date the Trust receives the application; and

iii. The application for the historic preservation loan is endorsed by all owners, lessors and lessees of the leased premises as the case may be.

N.J. Admin. Code § 5:102-2.2

Amended by 56 N.J.R. 1707(a), effective 8/19/2024