N.J. Admin. Code § 5:102-4.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:102-4.1 - Allocation of historic preservation loan funds

(a) Historic preservation loan funds shall be allocated in accord with an evaluation of applications received by the Trust. The Trust shall evaluate applications based on the following criteria:

1. The balance in the revolving loan fund;

2. The aggregate amount of loans for which requests are pending;

3. Any minimum reserve amount established for the fund; and

4. The extent to which a proposed historic preservation project meets the criteria in 5:102-4.2.

(b) The minimum loan amount to be accepted for review is $ 25,000. The maximum loan amount to be accepted for review will not exceed 15 percent of the available revolving loan fund balance as of the beginning of the fiscal year (July 1) in which the application is submitted.

(c) Loan amounts will be for a maximum of 90 percent of project funding.

(d) The Trust reserves the right to limit the funding to less than the amount requested in an application and to specify the particular aspect(s) of the project it will fund.

N.J. Admin. Code § 5:102-4.1

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