N.J. Admin. Code § 7:36-11.1

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

Section 7:36-11.1 - Funding award categories

(a) The Garden State Preservation Trust awards Green Acres funding to local government units for development projects in the three funding award categories set forth in (b) through (d) below.

(b) A Densely or Highly Populated Development project is the development of a project site located in a Densely Populated Municipality or Highly Populated Municipality, or a development project sponsored by a Densely Populated County or Highly Populated County within that county.

1. Projects located in Highly or Densely Populated Municipalities or sponsored by Highly Populated Counties are funded by a matching grant of 25 percent of the allowable costs of the development project. If funds are available, these projects also will be eligible for a low-interest (not more than two percent per year) loan for a term of not more than 20 years to supplement the matching grant.

2. Projects sponsored by Densely Populated Counties are funded by a matching grant of 50 percent of the allowable costs of the development project. If funds are available, these projects also will be eligible for a low-interest (not more than two percent per year) loan for a term of not more than 20 years to supplement the matching grant.

(c) An Urban Aid Development project is the development of a project site located in an Urban Aid municipality. An Urban Aid Development project is funded by a matching grant of 50 percent of the cost of development. If funds are available, an Urban Aid Development project also will be eligible for a low-interest (not more than two percent per year) loan for a term of not more than 20 years to supplement the matching grant.

1. The Garden State Preservation Trust may authorize an increase in the State's share of the cost of development to a maximum matching grant of 75 percent of the cost of development, upon a demonstration of special need or exceptional circumstances.

(d) A Standard Development project is the development of a project site that is not located in a Densely Populated County, Densely Populated Municipality, Highly Populated Municipality, or Urban Aid municipality, or sponsored by a Highly Populated County. A Standard Development project is funded by a low-interest (not more than two percent per year) loan for a term of not more than 20 years.

(e) A development project will compete in each funding round against other projects within the same funding award category, as described at 7:36-13.2.

N.J. Admin. Code § 7:36-11.1