N.J. Admin. Code § 5:19-7.7

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

Section 5:19-7.7 - Initial occupancy

(a) A provider shall not permit the first resident to occupy a unit until the provider has:

1. Supplied the Department with a financial feasibility study, including an opinion letter, demonstrating, to the Department's satisfaction, that the project may reasonably be expected to be financially viable; and

2. Received and accepted binding contracts for occupancy of at least 50 percent of the units either in the facility or in the portion of the facility being certified.

(b) If, at any time prior to occupancy by the first resident, the assumptions of the financial feasibility study described in (a) above become so materially inconsistent with actual facts or events that have occurred since the submission of the financial feasibility study to the Department that the financial feasibility study opinion is no longer valid, the provider shall so notify the Department and shall provide the Department with a new five-year financial projection, and related new assumptions, to demonstrate and support the financial feasibility of the project.

N.J. Admin. Code § 5:19-7.7

New Rule, R.1998 d.59, effective 1/20/1998.
See: 29 New Jersey Register 3761(a), 30 New Jersey Register 335(a).