New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 3 - NEIGHBORHOOD REVITALIZATION PLAN
Section 5:47-3.9 - Mandatory review; extension of approval

Universal Citation: NJ Admin Code 5:47-3.9

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

(a) In order for approval of the neighborhood revitalization plan to be extended by the Department beyond the initial three-year approval period, each nonprofit organization receiving approval of its plan shall carry out a review of the plan prior to the end of the period. The review shall address the following areas:

1. Changes in neighborhood conditions since the plan was prepared;

2. Changes in priorities, goals, objectives and strategies being pursued by the nonprofit organization and its partners; and

3. The effectiveness, results, difficulties, etc. associated with the various activities carried out by the nonprofit organization and its partners to further the plan.

(b) Upon completion of the review, the nonprofit organization may seek an extension of approval of the plan for an additional three years, by submitting to the Department a report setting forth the findings of the review, along with amendments, if any, to the plan.

(c) Upon receipt of the materials required under (b) above, the Department shall extend approval of the plan for an additional three-year period if it finds that the plan, as documented in the review by the nonprofit organization, continues to represent a sound plan for the preservation and revitalization of the neighborhood.

(d) Nonprofit organizations may seek further extensions to the period of approval of the plan, and the Department may grant further extensions, for additional three-year periods by following the procedures set forth in this section, without limitation.

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