New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.9 - Reporting requirements and annual report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business entity approved for a tax
				  credit award and that enters into a rehabilitation agreement shall submit
				  annually, commencing in the year in which the tax credit award is issued and
				  for the remainder of the compliance period, a report indicating whether the
				  business entity is aware of any condition, event, or act that would cause the
				  business entity or any co-applicant not to be in compliance with the
				  rehabilitation agreement or the provisions of this subchapter and the Act and
				  any additional reporting requirements contained in the rehabilitation agreement
				  or tax credit certificate. The business entity, or an authorized agent of the
				  business entity, shall certify that the information provided pursuant to this
				  subsection is true under the penalty of perjury. The Authority may provide any
				  information contained in the annual report to the Officer for any
				  rehabilitation project.
(b) The
				  annual report shall consist of:
1. A
				  certification indicating whether or not the business entity is aware of any
				  condition, event, or act, which would cause the business entity or any
				  co-applicant not to be in compliance with the approval, the Act, the
				  rehabilitation agreement, or this subchapter;
2. A certification indicating that the
				  rehabilitation project does not violate any environmental law requirements,
				  including, but not limited to, the Flood Hazard Area Control Act Rules,
				  N.J.A.C. 7:13;
3. For the two years
				  after the first certificate of compliance is issued, evidence that the
				  rehabilitation project remains in compliance with the Authority's affirmative
				  action requirements pursuant to N.J.A.C. 19:31Y-1.12(a);
4. Evidence that the rehabilitation project
				  remains in compliance with the Authority's prevailing wage requirements
				  pursuant to N.J.A.C. 19:31Y-1.12(b) and (c);
5. A tax clearance certificate as described
				  in section 1 at
				  P.L.
				  2007, c. 101
				  (N.J.S.A.
				  54:50-39) for the business entity and any
				  co-applicant;
6. A certification
				  from the business entity that it has not modified the qualified property or
				  transformative property, so that it ceases to meet the requirements for the
				  rehabilitation of a qualified property or transformative property as set forth
				  at N.J.A.C. 19:31Y-1.3, or ceases to meet the requirements of the
				  rehabilitation agreement;
7. A
				  certification from the business entity that adequate climate control and
				  building envelope have been maintained and that the building is secure. The
				  business entity shall also provide a description of the climate control, and
				  the measures to preserve and secure the building;
8. For a rehabilitation project with
				  residential units, documentary evidence that the deed restriction required
				  pursuant to N.J.A.C. 19:31Y-1.8(d)4 remains recorded, and documentation from
				  the administrative agent that the rehabilitation project remains in compliance
				  with the affordability controls pursuant to the Fair Housing Act, P.L. 1985, c.
				  222 (N.J.S.A. 52:27D-301 et
				  seq.);
9. For the first annual
				  report, the permanent certificate of occupancy covering the entire
				  rehabilitation project;
10. If the
				  Authority approval included a co-applicant, a certification that the
				  participation agreement between the business entity and the co-applicant
				  remains in effect and is not in default and that the co-applicant is making the
				  contribution(s) required under the participation agreement; and
11. In conducting its annual review, the
				  Authority may require a business entity to submit any information determined by
				  the Authority to be necessary and relevant to its review.