N.J. Admin. Code § 2:76-15.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 2:76-15.2 - Acceptance of eligible land cost

(a) Within 60 days after the nonprofit receives from the Committee the statement of eligible land cost or negotiated offer pursuant to N.J.A.C. 2:76-15.1, the nonprofit shall submit to the Committee a letter stating that the nonprofit has reviewed and accepts the eligible land cost or negotiated offer of the parcel and that the nonprofit has the ability and intention to finance the cost of the parcel, should such cost exceed the amount of Committee funding.

(b) Receipt by the Committee of the letter submitted under (a) above constitutes the nonprofit's acceptance of the eligible land cost or Committee's negotiated offer.