New Hampshire § 227-M-8 - Section 227-M:8 Program Administration; Eligible Applicants; Matching Funds.

§ 227-M-8. Section 227-M:8 Program Administration; Eligible Applicants; Matching Funds.

I. The authority shall distribute funds to further the purposes of this chapter only to eligible applicants. Eligible applicants shall include: (a) Municipalities or other political subdivisions of the state; and (b) Publicly-supported nonprofit corporations exempt from federal income taxation under section 501(c) of the Internal Revenue Code. II. Other parties wishing to participate in the program may partner with one or more eligible applicants. At the option of eligible applicants and with the approval of the board, state agencies may hold rights in resource assets acquired through the program by eligible applicants. The applicant must demonstrate the commitment of the owner of the assets to participate in the proposed action. III. Financial assistance to eligible applicants shall be provided through grants and block grants (grants to another organization for re-granting) and loans. Up to 50 percent of financial assistance provided each year may be provided through loans. Principal and interest paid on such loans shall be deposited in the trust fund for the New Hampshire land and community heritage investment program established in RSA 227-M:7. Financial assistance may only be expended on eligible resources for the following purposes: (a) Acquisition of real property in fee simple. (b) Acquisition of easement interests in real property. (c) Restoration or rehabilitation of buildings or structures which are publicly-owned, or which are owned by a qualified publicly-supported nonprofit corporation. (d) Surveys, appraisals, title work, and other legal or ancillary work necessary to carry out acquisitions. (e) Resource inventories and planning. (f) Other professional services. (g) A one-time investment in a stewardship endowment fund established by the applicant for the resource asset. IV. The authority shall not fund more than 50 percent of the sum of all expenses eligible for financial assistance under RSA 227-M:8, III(a)-(g). V. All eligible applicants are required to provide a level of matching resources that is no less than 50 percent of the sum of all expenses eligible under RSA 227-M:8, III(a)-(g). A minimum of 1/2 of the applicant's minimum match requirement must be provided in cash to be used in the purchase or preservation of the resource asset. Nothing shall prevent the eligible applicant from using all cash to fulfill the match requirements of the program. The balance, if any, of the non-cash match requirement may be met through any combination of: (a) In-kind services; (b) The appraised market value of donated real property or interest in real property, provided such real property is located in the municipality or municipalities in which the applicant property is located; or (c) Expenses specified under RSA 227-M:8, III(a)-(g), incurred or to be incurred. VI. Qualifying matching funds from the applicant may include, but are not limited to, municipal appropriations, private donations, federal funds, and monies from a conservation fund established under RSA 36-A:5. VII. Matching beyond the minimum shall be encouraged of all applicants. The board is authorized, for a particular project, to either reduce the applicant's minimum match requirements under paragraph V or exceed the amount of financial assistance allowed under paragraph IV, but only by an affirmative vote of 9 voting members.