N.J. Admin. Code § 7:70-4.3

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

Section 7:70-4.3 - Highlands Development Credit Bank Board authorization process

(a) The HDC Bank Board shall, after considering the recommendation of the Land Preservation Committee in N.J.A.C. 7:70-4.2(a)2, determine whether or not to authorize the purchase of all or a portion of the highlands development credits proposed for sale. The HDC Bank Board may authorize a purchase of highlands development credits to further the objectives of the Highlands Act and the Highlands Regional Master Plan if:

1. Adequate funds are available for the purchase;

2. The expenditure of funds does not substantially impair the HDC Bank Board's ability to carry out its duties and responsibilities with respect to guarantees which have already been extended; and

3. The purchase will result in one or more of the following:

i. The protection of property which is of significant ecological or agricultural importance;

ii. The protection of property which serves to complement or buffer publicly owned and managed conservation lands;

iii. The highlands development credits which the HDC Bank Board purchases are likely to be resold, transferred, or conveyed for redemption in a residential development project that satisfies compelling public need or that will result in the protection of other properties which satisfy (a)3i or ii above; and/or

iv. The transaction otherwise furthers the purposes of the Highlands Act and the Highlands Regional Master Plan.

N.J. Admin. Code § 7:70-4.3

Adopted by 48 N.J.R. 631(a), effective 4/18/2016