New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 3 - NEIGHBORHOOD REVITALIZATION PLAN
Section 5:47-3.2 - Eligible neighborhood

Universal Citation: NJ Admin Code 5:47-3.2

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The neighborhood and revitalization plan shall be for an eligible neighborhood as defined in this section. No more than one plan shall be approved by the Department for any neighborhood or part of a neighborhood, and no areas shall be subject to more than one approved neighborhood plan. If a plan is submitted for a neighborhood which contains within its boundaries all or part of any other neighborhood for which a plan has already been submitted and approved by the Department, the entity shall be required to amend and resubmit the plan to exclude that area for which a plan has already been submitted and approved by the Department. In the event that the area of duplication is de minimis, that is, contains less than 10 percent of the area covered by either plan, the Department will conduct its review of the plan, but will withhold final action to approve the plan until it has been modified to remove the duplication.

(b) An eligible neighborhood shall be located within an eligible municipality, or in parts of two or more municipalities, all of which shall be eligible municipalities, and shall have boundaries that are, to the extent reasonably feasible, recognized by the municipality and/or by the residents of the neighborhood, and incorporate to the extent reasonably feasible clearly defined lines of demarcation such as railroad lines, streams, major streets, or industrial areas.

(c) At least 50 percent of the households in the neighborhood as determined by the most recent Census of Population shall be of low and moderate income and at least 25 percent of the households in the neighborhood shall be of low income, as defined in 5:47-1.2. For purposes of making this determination, the entity preparing the plan may use Census median household income data without respect to household size.

(d) The plan shall provide written justification for the definition of the neighborhood, including the size of the neighborhood.

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