Current through Register Vol. 56, No. 18, September 16, 2024
(a) Revolving loan applications will be
accepted and reviewed from all eligible applicants on a continuous
basis.
(b) To apply for a historic
preservation loan, the applicant shall submit a written application, on a form
provided by the Trust with specified documents attached to the following
address: New Jersey Historic Trust, New Jersey Department of Community Affairs,
101 South Broad Street, PO Box 457, Trenton, New Jersey 08625-0457. The
applicant shall include in the application the information listed at (c)
below.
(c) The applicant shall
include the following information in the application:
1. A statement of and documentation
supporting the significance and condition of the property;
2. A narrative description of the proposed
project;
3. Cost estimates for
proposed work and/or acquisition;
4. Digitally submitted images of the property
in high resolution jpg format;
5.
Long-range plans for the future preservation of the property;
6. The names and addresses of all owners, all
parties with an ownership interest, and if applicable, evidence of ownership or
an interest in ownership of the property for which a loan is
requested;
7. As applicable, the
names of lessors and lessees, and a copy of a long-term lease meeting the
requirements of
5:102-2.2(b)2;
8. Evidence of security may be required
depending on the loan applicant's creditworthiness and the mortgagability of
the asset to be acquired or on which capital improvement takes place;
9. Evidence of recipient's ability to repay
the loan will include information pertaining to source(s) of funds, projected
income statements, and previous year's annual financial statements as requested
by the Trust;
10. If the property
for which a historic preservation loan is requested is not listed in the State
or National Register of Historic Places, a certification by the Deputy State
Historic Preservation Officer that, as of the date of the Trust's receipt of
the application, the historic property for which a loan is requested is
approved for listing or meets the criteria for listing in the State Register of
Historic Places as set forth at N.J.A.C. 7:4-2;
11. A resolution of the governing body of the
applying county or municipality, or a resolution of the board of directors of
the applying nonprofit organization, recommending the historic preservation
project for funding under the Program;
12. All applicants shall:
i. Purchase and arrange for delivery to the
Trust directly from a recognized, independent credit reporting agency an
up-to-date credit report for the entity seeking the loan;
ii. Submit a check for $ 100.00 to the Trust
to cover the expense of any reports. Any application submitted pursuant to
(c)12i above shall be deemed complete only when the report is received by the
Trust directly from the reporting agency; or
iii. Reimburse the Trust for any expenses
incurred for reports or studies that may be needed to determine the eligibility
of the project or credit worthiness of the applicant, the costs of which shall
be clearly communicated to the applicant in advance, as authorized pursuant to
N.J.S.A.
13:1B-15.115.f(b); and
13. Any other information reasonably
necessary to enable the Trust to determine whether the applicant and the
proposed historic preservation project are eligible for a historic preservation
loan, and the amount which should be allocated to the project under this
chapter.
(d) If an
application is incomplete, the Trust will notify the applicant and state what
is necessary to make the application complete. If the applicant does not submit
the necessary information within 30 days after the date of mailing of the
notice, the application may be deemed rejected without prejudice.
(e) Applicants not funded will be advised of
the reasons for rejection and may submit a revised or new
application.
(f) Application
materials for projects not funded shall be retained by the Trust for 90 days
following the final disposition of the request for loan funds. The materials
shall be returned if the applicant submits a written request to the Trust
within the 90 day period. After 90 days the Trust may discard all application
materials for non-funded projects.
