New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 7 - CONTRACTING; MONITORING
Section 5:47-7.2 - Failure to perform activities; corrective actions
Universal Citation: NJ Admin Code 5:47-7.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) If, after notice and hearing pursuant to 5:47-7.1, the Commissioner finds that any assistance provided under these rules has been used for some purpose other than the activity or activities for which it was approved, or, although used for the activity for which it was approved, used in a manner that was illegal, improper, or in violation of the terms and conditions of the contract entered into between the nonprofit organization and the Department, the Commissioner may impose sanctions, including, but not limited to, any or all of the following:
1. Requiring that all or part
of the funds provided to the nonprofit organization for the approved project be
paid back to the Department, which shall expend them pursuant to
5:47-7.4;
2. Requiring that the nonprofit organization
take corrective action as a condition of retaining tax credit funds, including,
but not limited to:
i. Establishing or
modifying administrative procedures, financial controls, or other measures as
required by the Department;
ii.
Removing or reassigning individuals found to be responsible for misuse of
assistance provided to the nonprofit organization;
iii. Amending or abrogating any agreement
between the nonprofit organization and any third party, where the third party
has been found to be responsible in whole or in part for misuse of assistance
provided to the nonprofit organization; or
iv. Placing one or more activities for which
assistance has been provided under the administrative control of the
Department, or of an entity selected for that purpose by the
Department;
3. Revoking
the Department's determination that the project was qualified; in which case
the Department may abrogate the contract between the Department and the
nonprofit organization, and reuse any unexpended funds held for the project as
provided in
5:47-7.4; and/or
4. Barring the nonprofit organization for a
period of time to be determined by the Commissioner from approval of future
projects.
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