New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 102 - HISTORIC PRESERVATION REVOLVING LOAN PROGRAM › Subchapter 3 - HISTORIC PRESERVATION LOAN APPLICATION PROCESS › Section 5:102-3.1 - Procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Revolving loan
				applications will be accepted and reviewed from all eligible applicants on a
				continuous basis.
(b) To apply for a
				historic preservation loan, the applicant shall submit a written application, on a
				form provided by the Trust with specified documents attached to the following
				address: New Jersey Historic Trust, New Jersey Department of Community Affairs,
				506-508 East State Street, PO Box 457, Trenton, New Jersey 08625-0457. The applicant
				shall include in the application the information listed in (c) below.
(c) The applicant shall include the following
				information in the application:
1. A statement of
				and documentation supporting the significance and condition of the
				property;
2. A narrative description of
				the proposed project;
3. Cost estimates
				for proposed work and/or acquisition;
4.
				Black and white photographs and color slides of the property;
5. Long-range plans for the future preservation of
				the property;
6. The names and addresses
				of all owners, all parties with an ownership interest, and if applicable, evidence
				of ownership or an interest in ownership of the property for which a loan is
				requested;
7. As applicable, the names
				of lessors and lessees, and a copy of a long-term lease meeting the requirements of
				5:102-2.2(b)2;
8. Evidence of security may be required depending
				on the loan applicant's creditworthiness and the mortgagability of the asset to be
				acquired or on which capital improvement takes place;
9. Evidence of recipient's ability to repay the
				loan will include information pertaining to source(s) of funds, projected income
				statements, and previous years annual financial statements as requested by the
				Trust;
10. If the property for which a
				historic preservation loan is requested is not listed in the State or National
				Register of Historic Places, a certification by the Deputy State Historic
				Preservation Officer that, as of the date of the Trust's receipt of the application,
				the historic property for which a loan is requested is approved for listing or meets
				the criteria for listing in the State Register of Historic Places as set forth in
				N.J.A.C. 7:4-2;
11. A resolution of the
				governing body of the applying county or municipality, or a resolution of the board
				of directors of the applying nonprofit organization, recommending the historic
				preservation project for funding under the Program;
12. All applicants shall:
i. Purchase and arrange for delivery to the Trust
				directly from a recognized, independent credit reporting agency an up-to-date credit
				report for the entity seeking the loan; or
ii. Submit a check for $ 100.00 to the Trust to
				cover the expense of any reports. Any application submitted under (c)12i above shall
				be deemed complete only when the report is received by the Trust directly from the
				reporting agency; and
13. Any
				other information reasonably necessary to enable the Trust to determine whether the
				applicant and the proposed historic preservation project are eligible for a historic
				preservation loan, and the amount which should be allocated to the project under
				this chapter.