New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 4 - PROJECTS
Section 5:47-4.3 - Consistency of project with plan
Universal Citation: NJ Admin Code 5:47-4.3
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Department will review the activities in the project to determine that they are in furtherance of the approved neighborhood revitalization plan on the basis of the following criteria:
1. To the
extent possible, each activity shall clearly fit within an element of the plan,
although the specific activity set forth in the project may be a subset or part
of an element of the plan. For example, the plan may call for rehabilitation of
abandoned housing in the neighborhood, and the project may identify specific
abandoned buildings that are to be rehabilitated during the term of the
project;
2. The plan element shall
clearly encompass the proposed activity. For example, the plan may call in
general terms for a commercial revitalization program for a business district
in the neighborhood, which can be spelled out in detail in the project;
and
3. Activities set forth in a
project need not be set forth specifically in the plan, as long as the activity
clearly furthers an element or a strategy that is set forth in the plan. For
example, if the plan calls for developing housing for home ownership, a program
of homebuyer education and counseling can be an eligible activity even though
it is not set forth in the plan.
(b) A nonprofit organization may submit a project and a plan or a plan amendment simultaneously, in which case the Department will review and approve the plan or the plan amendment before initiating its review of the project.
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