N.J. Admin. Code § 7:36-17.3

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

Section 7:36-17.3 - At-risk authorization to proceed with acquisition

(a) For the acquisition to remain eligible for Green Acres funding assistance, a nonprofit shall not enter into a purchase contract for any parcel within the proposed project site unless it has first received notification of the Green Acres funding award under 7:36-19.1 and notification of eligible land cost under 7:36-19.4, or an at risk authorization.

(b) Within 14 days of a nonprofit's request for an at-risk authorization, Green Acres shall authorize, in writing, the nonprofit to proceed with the acquisition of a proposed project site at its own risk.

(c) Within 14 days of receiving the at-risk authorization from Green Acres, the nonprofit shall comply with the notification requirements described at 7:36-17.2(b), if it has not already done so. If the nonprofit has not submitted an application for Green Acres funding, the notice required under 7:36-17.2(b) shall indicate that the nonprofit may apply for Green Acres funding for the project.

(d) The Garden State Preservation Trust is not obligated to award funding for the acquisition of any project site for which Green Acres issues an at-risk authorization under (b) above and for which the nonprofit submits an application.

(e) A nonprofit is not obligated to submit an application under this subchapter or to acquire any project site for which it receives an at-risk authorization under (a) above.

(f) The acquisition of the proposed project site completed under an at-risk authorization must comply with the requirements of this chapter to remain eligible for Green Acres reimbursement.

N.J. Admin. Code § 7:36-17.3