New Jersey § 52:27d-495

§ 52:27d-495.

a. The department shall determine in accordance with law and regulation whether a

project proposed by a nonprofit organization is qualified for assistance for which

a tax credit certificate will be granted pursuant to P.L.2001, c. 415 ( C.52:27D-490 et seq. ). b. The department shall determine that a project proposed by a nonprofit organization

or jointly by two or more nonprofit organizations is qualified for assistance if it

meets all the following standards: (1) The project consists of neighborhood preservation and revitalization activities

within an eligible low and moderate income neighborhood. If two or more nonprofits propose a project jointly, all the proposed activities

are within the same eligible low and moderate income neighborhood. The department may establish standards for waiver of compliance with this paragraph

for activities located outside an eligible neighborhood but which particularly benefit

residents of that neighborhood or for activities that benefit more than one eligible

neighborhood. (2) The project is reasonably designed to accomplish its intended purpose and it would

further the purposes of a neighborhood preservation and revitalization plan approved

in accordance with section 5 of this act. (3) The nonprofit organization demonstrates that it has the capacity to carry out

the activities. (4) The nonprofit organization provides adequate assurances that the assistance will

be expended exclusively for the proposed activities. (5) “Housing and economic development activities” make up at least 60 percent of the

total cost of the neighborhood preservation and revitalization activities in the proposed

project. If two or more nonprofit organizations jointly propose a project, the total cost

shall include the aggregate cost of all the activities included in the joint proposal. c. The department shall establish by regulation the standards and procedures for determining

which projects shall be determined to be qualified if the total tax credits certified

under P.L.2001, c. 415 (C.52: 27D-490 et seq.) will exceed, or appears likely to exceed, $10,000,000 for

the year, so as to remain within that annual limit. Such standards shall establish criteria for rating projects which shall take into

account, among other things, the following factors: (1) The extent to which the project is addressing urban distress, as measured by existing

levels of poverty and unemployment within the neighborhood; (2) The extent to which the project is likely to attract private or public investment

to the subject project or other projects in the neighborhood; and (3) The extent to which the nonprofit organization has demonstrated the capacity to

carry out the project. Such standards shall focus exclusively on the relative merits of the project (including

the capacity of the nonprofit to carry out the project) and shall not include any

consideration of whether the project has, or does not yet have, a proposed source

of assistance by a business entity.