N.J. Admin. Code § 7:24A-2.7

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:24A-2.7 - Notice of qualification

(a) The Department shall send a notice of qualification to an applicant who has submitted an application approved pursuant to 7:24A-2.5 and 2.6 and ranking high enough on the priority list pursuant to 7:24A-5.1 to be awarded a loan. An applicant who has submitted an application approved pursuant to 7:24A-2.5 and 2.6 but not ranking high enough on the priority list pursuant to 7:24A-5.1 to be awarded a loan shall be so notified by the Department.

(b) Any applicant who receives a notice of qualification but who decides not to proceed with a project shall so notify the Department within 30 days of the date of the notice.

(c) The Department shall award a loan to any applicant who receives a notice of qualification subject to available appropriations, execution of a loan award agreement and submittal of required permits and materials, prepared to the satisfaction of the Department, within six months after the Department issues the notice of qualification or within any extension of the period for such submittals granted pursuant to 7:24A-3.2(c).

(d) An applicant with a project on a priority list who is not awarded a loan in any application period may reapply for a position on any subsequent priority list for a subsequent application period by timely filing a new loan application form and by updating the other application documents required under 7:24A-2.2. The reapplication will be treated as a new application for a loan and will be evaluated in accordance with the requirements of this chapter.

N.J. Admin. Code § 7:24A-2.7