N.J. Admin. Code § 5:47-8.2

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

Section 5:47-8.2 - Allocation of assistance by the Department

(a) To the extent that any business entities submit applications to provide assistance, or receive certificates and deposit assistance in the Neighborhood Revitalization Non-lapsing Trust Fund, without specifying a project or projects to which the assistance is to be provided, and any projects receive approval from the Department that do not specify a business entity as a source of all or part of the assistance needed to carry out the project, the Department shall allocate that assistance to qualified projects, including pooling assistance from more than one business entity in order to fully fund an approved project.

(b) Notwithstanding the criteria set forth in N.J.A.C. 5:47-5 to qualify projects, the Department shall give priority in allocation of such assistance to projects which have already received assistance or commitments of assistance equal to or greater than one-third of the total amount of assistance sought for the project. The Department shall rank the remaining projects according to the criteria set forth in N.J.A.C. 5:47-5.