N.J. Admin. Code § 5:102-4.2

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

Section 5:102-4.2 - Criteria for review and evaluation of applications for historic preservation loans

(a) All applications for eligible historic preservation projects shall, for the purpose of determining priority for funding, be evaluated on the basis of the following competitive criteria:

1. The significance of the resource, which shall involve consideration of the following:

i. The degree to which a property is historically or archaeologically significant, or is significant in the architectural, engineering, scientific, economic, agricultural, educational, social, political, military, or cultural annals of the State, according to the evaluation criteria for the National Register of Historic Places;

ii. The degree of significance locally or at the regional, state, or national level; and

iii. The degree to which a property retains its historical features and setting;

2. The physical condition of the property, evidence of conditions which require priority attention, including any immediate threat of collapse, demolition or inappropriate use or development, notice of code violations, and deterioration requiring stabilization;

3. Plans for the preservation of the structure, which shall involve consideration of the following:

i. Plans for use and interpretation of the historic property;

ii. Preservation and maintenance plans;

iii. Visibility of the resource and ability of project to serve as a catalyst for further preservation of historic resources; and

iv. The potential impact of project on the community;

4. Compliance with the Secretary of the Interior's Standards reflected in:

i. Project plans, specifications and any other documents for work that has not been done for which the application for a historic preservation loan has been submitted; or

ii. Work underway or completed that is part of an on-going historic preservation project for which the application for a historic preservation loan is submitted;

5. The administrative capability of applicant, which shall involve consideration of the following:

i. Completeness of the project concept;

ii. The place of the project in long-range plans of applicant;

iii. The quality of project consultants;

iv. Financial resources of applicant, including the ability of applicant to repay the loan. Letters of rejection from commercial lenders ("turndown letters") may be required as part of the evaluation of the applicant's financial need;

v. A realistic time frame for the project; and

vi. The applicant's qualifications and experience in managing historic preservation projects;

6. The availability of funds to meet project budget requirements;

7. The security available for the loan, including, but not limited to, any real or personal property, personal or corporate guarantees, and financial instruments;

8. Financial plans for the continued preservation of the historic structure after the expenditure of historic preservation loan funds; and

9. The degree and kind of public access.

(b) Funds shall be distributed to achieve a geographical, racial and ethnic balance as well as a balance between sizes and types of projects, and historical or cultural period of the resources assisted by the program.

N.J. Admin. Code § 5:102-4.2