N.J. Admin. Code § 19:65-2.9

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

Section 19:65-2.9 - Approval of projects which constitute donation of money or realty

(a) The Authority may permit, in its sole discretion, a licensee to make a donation of money or realty to approved projects in lieu of purchasing bonds. In such instance, the licensee shall make an application in the same manner as other applicants under these rules.

(b) With respect to a donation of realty, in determining the amount of the donation to be permitted as a tax credit in lieu of purchasing bonds, the Authority shall require the licensee to provide the realty's acquisition value.

(c) Notwithstanding anything in this section to the contrary, the Authority shall not permit the licensee to make donations in lieu of purchasing bonds if it would result in:

1. The violation of any agreement or covenant, or the impairment of any contractual or financial obligation, of the Authority; or

2. The impairment of the set aside for the SBMWE Development Authority as provided in N.J.S.A. 5:12-181; or

3. The reduction or impairment of the allocation to be made pursuant to N.J.S.A. 5:12-144.1f relating to Atlantic City, South Jersey and North Jersey and the portions thereof to be used to finance housing facilities for persons or families of low through middle income.

N.J. Admin. Code § 19:65-2.9

New Rule R.1987 d.213, effective 5/4/1987.
See: 19 New Jersey Register 404(a), 19 New Jersey Register 775(a).
Recodified from 19:65-2.10 by R.1992 d.383, effective 10/5/1992.
See: 24 New Jersey Register 1692(b), 24 New Jersey Register 3535(a).
Amended by R.1997 d.452, effective 10/20/1997.
See: 29 New Jersey Register 3708(a), 29 New Jersey Register 4562(b).
In (a), inserted reference to approved projects; in (b), substituted "the realty's acquisition value" for "information relating to its acquisition value"; and in (c)2, changed the name of the Authority.