N.J. Admin. Code § 2:77-5.7

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

Section 2:77-5.7 - Board's financial participation

(a) The Board may purchase development potential utilizing 100 percent Board funds, or the Board may provide matching funds for the purchase of 80 percent of the value of development potential from the owner of record of the property from which the development potential has been transferred.

1. In the case of providing matching funds for the purchase of 80 percent of the value of development potential, the remaining 20 percent of that value is contributed by the affected municipality or county, or both, after public notice thereof in the New Jersey Register and in one newspaper of general circulation in the area affected by the purchase.

2. The remaining 20 percent of the value of the development potential to be contributed by the affected municipality or county, or both, to match funds provided by the Board, may be obtained by purchase from, or donation by, the owner of record of the property from which the development potential is transferred or from any person, or entity, public or private, holding the interest in development potential that is subject to development transfer.

N.J. Admin. Code § 2:77-5.7