New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT › Subchapter 1 - GENERAL PROVISIONS › Section 5:47-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter, shall
				  have the following meanings unless the context clearly indicates otherwise:
"Assistance" means the contribution of moneys to aid in the
				  provision of neighborhood preservation and revitalization services or community
				  services.
"Business entity" means any business firm or individual which is
				  authorized to conduct or operate a trade or business in the State and is subject to
				  taxes on business related income.
"Certificate for neighborhood revitalization State tax credits"
				  means the certificate in the form prescribed by the Treasurer and issued by the
				  Commissioner to a business entity that specifies the dollar amount of neighborhood
				  preservation and revitalization State tax credits that that business entity may take
				  as an annual credit against certain State taxes pursuant to
				  P.L.
				  2001, c. 415 (52:27D-490 et seq.).
"Commissioner" means the Commissioner of Community Affairs, and
				  shall include any staff member authorized by the Commissioner to act on his or her
				  behalf with respect to any matter contained within these rules.
"Department" means the Department of Community Affairs, and shall
				  include any staff member, consultant or advisor authorized to act on behalf of the
				  Department with respect to any matter contained within these rules.
"Eligible neighborhood" means a contiguous area located in one or
				  more municipalities that, at the time of the application to the Department for
				  approval of a neighborhood preservation and revitalization plan, are all either
				  eligible to receive aid under the "Special Municipal Aid Act," P.L. 1987, c.75
				  (52:27D-118.2 4 et seq.) or coextensive
				  with a school district which qualified for designation as a Special Needs district
				  pursuant to the "Comprehensive Educational Improvement and Financing Act of 1996,"
				  P.L.
				  1996, c. 138 (18A:7F-1 et seq.), and as further
				  defined in 5:47-3.2.
"Housing and economic development activities" means those
				  activities carried out in furtherance of a neighborhood preservation and
				  revitalization plan in an eligible neighborhood approved pursuant to
				  P.L.
				  2001, c. 415 (52:27D-490 et seq.), to improve the
				  housing and economic conditions of the neighborhood; and shall include, without
				  limitation, measures to foster the rehabilitation and construction of housing
				  affordable to low-and moderate-income households within the neighborhood, including
				  planning, design, rehabilitation, construction, and management of low-and
				  moderate-income housing, home buyer counseling, and related activities needed to
				  effectuate the rehabilitation and construction of housing affordable to low-and
				  moderate-income households; measures to increase business activity within the
				  neighborhood, including the rehabilitation and construction of commercial facilities
				  and the provision of assistance to small business entities; measures to increase the
				  income and labor force participation of neighborhood residents, including provision
				  of education, training, child care and transportation assistance to enable
				  low-income neighborhood residents to obtain or retain employment; and measures to
				  foster the creation of sustainable and economically integrated neighborhoods and
				  communities, as further defined in N.J.A.C. 5:47-5.
"Low-income household" means a household whose gross household
				  income is less than 50 percent of the median gross household income for the region
				  in which the neighborhood is located for households of similar size as determined by
				  the Department.
"Moderate-income household" means a household whose gross
				  household income is greater than or equal to 50 percent but less than 80 percent of
				  the median gross household income of the region in which the neighborhood is located
				  for households of similar size as determined by the Department.
"Neighborhood preservation and revitalization activities" means
				  housing and economic development activities and other neighborhood preservation and
				  revitalization activities.
"Neighborhood Revitalization Non-lapsing Trust Fund" means the
				  non-lapsing trust fund established in the State Treasury into which all assistance
				  from business entities receiving certificates under the provisions of N.J.A.C.
				  5:47-7 shall be deposited.
"Neighborhood revitalization plan" means a plan for the
				  preservation or revitalization of an eligible neighborhood, as further defined in
				  N.J.A.C. 5:47-5.
"Nonprofit organization" means a private nonprofit corporation
				  that has been determined by the Internal Revenue Service of the United States
				  Department of the Treasury to be exempt from income taxation under
				  26 U.S.C.
				  §
										501(c)(3).
"Other neighborhood revitalization activities" means those
				  activities, other than housing and economic development activities, carried out in
				  furtherance of a State-approved neighborhood preservation and revitalization plan in
				  a qualified low-and moderate-income neighborhood, and may include, without
				  limitation, improvements to infrastructure, streetscape, public open space, and
				  transportation systems; provision of social and community services, health care,
				  crime prevention, recreation activities, community and environmental health
				  services; and community outreach and organizing activities, as further defined in
				  N.J.A.C. 5:47-5.
"Qualified nonprofit organization" means a nonprofit organization
				  that has demonstrated a commitment to the neighborhood for which it is submitting a
				  plan or project, as reflected in its past activities or proposed activities in a
				  preservation and revitalization plan, and which has the capacity to carry out
				  activities in furtherance of such a plan, consistent with the provisions of
				  5:47-4.4.
"Qualified project" means one or more housing and economic
				  development activities and/or other neighborhood revitalization activities to be
				  carried out in accordance with a neighborhood revitalization plan as approved by the
				  Commissioner with funds provided by a business entity eligible to receive a
				  certificate for neighborhood revitalization State tax credits.