N.J. Admin. Code § 7:36-4.8

Current through Register Vol. 56, No. 16, August 19, 2024

Section 7:36-4.8 - Matching share; donations toward the cost of acquisition

(a) If the Garden State Preservation Trust approves a matching grant to a local government unit, the local government unit may use as its matching share of the cost of acquisition, its own funds or any grant, contribution, donation of funds, or reimbursement from State or Federal programs or from any other public or private source, except as described at (c) below.

(b) A local government unit may use as its matching share of the cost of acquisition, the value of land donated to the local government unit, in whole or in part, within the project site, except as provided in (c) below. For the purposes of this subsection, the value of a donation of land is the difference between the eligible land cost and the purchase price of a parcel of land.

1. The land donated to the local government unit must be eligible for funding under 7:36-4.2 and its acquisition by the local government unit must comply with all of the requirements of this chapter; and

2. The local government unit must use the donated land value as its matching share of the cost of acquisition of another parcel within the project site within two years after either it acquires the donated land or the Garden State Preservation Trust approves the project, whichever is later.

(c) A local government unit shall not use as its matching share of the cost of acquisition:

1. The value of land that the local government unit owns prior to approval of an application for Green Acres funding under 7:36-8.1, unless the local government unit had previously obtained an at-risk authorization under 7:36-6.3;

2. Any funding provided under the Green Acres laws, except a Green Acres loan awarded to the local government unit for the project under 7:36-8.1;

3. Any funding provided under the Garden State Preservation Trust Act administered by any State agency; or

4. The value of the purchase price in excess of the hypothetical land value, if the hypothetical land value exceeds the eligible land cost.

N.J. Admin. Code § 7:36-4.8