N.J. Admin. Code § 5:100-3.4

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

Section 5:100-3.4 - Commencement of project and payment: construction grants

(a) For a construction grant, a project agreement for a historic preservation project shall be in effect within 18 months of the effective date of the appropriation by law of the funds for the construction grant or the grant for that historic preservation project shall lapse.

(b) As defined in the project agreement, work on a historic preservation project funded with a construction grant shall commence within two years of the effective date of the appropriation by law for the grant, or the grant for that historic preservation project shall lapse into the Fund.

(c) After funds for a construction grant have been appropriated by the Legislature, the project agreement has been fully executed, and all eligibility requirements have been met, the grant recipient will be reimbursed for expenditures incurred for historic preservation activities which are eligible under 5:100-2.4, which are within the scope of the historic preservation project described in the project agreement subject to the Trust's approval of documents submitted under (d) below. The total reimbursements cannot exceed the amount of the grant.

(d) Reimbursement is to be made under (a) above based on itemized invoices and cancelled checks approved by the Trust and referenced to completed tasks within the scope of the historic preservation project described in the project agreement. The grant recipient must submit invoices to the Trust for approval before reimbursement can be made. Invoices must itemize cost of labor and materials and describe the work performed for which reimbursement is requested. Invoices are to be submitted for each billing period set forth in the project agreement and shall be accompanied by any other documentation defined in the project agreement.

(e) Five percent of the total amount of each grant shall be retained by the Trust. The Trust shall deduct as retainage an amount equal to five percent of each payment approved under (d) above. The retainage shall be kept by the Trust until the historic preservation project has been completed and has met all financial and project requirements, including submission of required reports.

N.J. Admin. Code § 5:100-3.4