New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 6 - SUBMISSION OF APPLICATION BY BUSINESS ENTITY; ISSUANCE OF CERTIFICATES
Section 5:47-6.4 - Priority in processing
Current through Register Vol. 56, No. 18, September 16, 2024
(a) In processing applications for certificates from business entities, the Department shall give priority to applications which propose to provide assistance to a specific project or projects. The certificate issued to such business entity shall specify the project to which the assistance is to be provided.
(b) Within those applications receiving priority under (a) above, applications that demonstrate a multi-year commitment by the business entity to implementation of the neighborhood preservation and rehabilitation plan shall receive priority.
(c) The Department shall give second priority to processing applications by business entities not specifying a particular project, but for which there are one or more projects which have been approved by the Department, and which are seeking assistance, in which event the Department may pool applications by business entities in order to provide the amount of assistance requested by each nonprofit organization that has submitted a project, and shall issue each business entity providing assistance a certificate specifying the project to which the assistance is to be provided.
(d) The Department will give third priority to processing applications by business entities not specifying a particular project, and for which no project approved by the Department is seeking assistance. In this case, the Department shall issue a certification without specifying the project to which the assistance is to be provided, and shall deposit the amount set forth in the certificate in the Neighborhood Revitalization Non-lapsing Trust Fund.
