PURPOSE OF FUNDING
The Fund was established to provide financial assistance via grants and loans to close, upgrade or remediate discharges from underground storage tanks.

SOURCE OF FUNDING
A portion of the New Jersey Corporate Business Tax has been dedicated to provide financial assistance for this Fund.  The amount dedicated each year is approximately $12-15 million, depending on the amount of Corporate Business Tax collected.

STATUTORY CITATION
P.L. 1997, C.235.

WHO IS ELIGIBLE
A public entity applying for financial assistance from the Fund may only be awarded financial assistance in the form of an interest free loan.  For commercial entities to be eligible for loans, they must own less than 10 petroleum underground storage tanks in New Jersey, have a net worth of less than $2 million and demonstrate the inability to qualify for and obtain a commercial loan for all or part of the eligible costs.  For grants they must have taxable income not exceeding $200,000.00, and a net worth not exceeding $200,000.00, excluding their primary residence and pension.  Eligibility for independent institutions of higher education, nonprofit organizations, volunteer fire, ambulance, first aid, emergency or rescue company or squad, is defined in the statute.

QUALIFICATIONS REQUIRED FOR CONSIDERATION
Closure, remediation and upgrade activities are eligible for homeowners with leaking heating oil underground storage tanks.  Closure and remediation activities are eligible for commercial and other entities whose tanks are not in compliance with the standards adopted pursuant to section 5 of P.L.1986, c.102  (C58:10A-25) and 42 U.S.C. s.6991 et seq. Upgrade activities are eligible for any owner or operator of an underground storage tank with a capacity of over 2,000 gallons used to store heating oil for onsite consumption in a nonresidential building that has received an extension of the deadline for compliance with the standards pursuant to subsection b. of section 9 of P.L. 1986, c.102 (C.58:0A-29).

GRANT/LOANS LIMITATIONS
Grant recipients are eligible to receive up to $500,000.00 per site, and up to $750,000.00 per site if the project is located in Planning Area 1 or 2, or as a designated center pursuant to the "State Planning Act", sections 1-12 of P.L. 1985, c.398 (C.52:18A-196 et seq.).  Loan recipients are eligible for loans not exceeding $2 million, or not exceeding $3 million if the project site is located in Planning Area 1 or 2, or as a designated center as designated pursuant to the "State Planning Act", section 1-12 of P.L. 1985, c.398 (C.52:18A-196 et seq.).  Other entities such as independent institutions of higher education, nonprofit organizations, volunteer fire, ambulance, first aid, emergency or rescue company or squad, are eligible as defined in the statute.

APPLICATION PROCEDURES
Copies of the application are available from Bureau of Contract and Fund Management, Division of Remediation Support, or may be obtained on the DEP's web site at: www.nj.gov/dep/srp/finance/ustfund/

APPLICATION DEADLINE
For commercial applicants, the deadline for applications for applications for regulated tanks was June 30, 2005.  For a regulated tank that is not operational, the deadline is 18 months from the discovery of the tank.  For homeowner applicants there is no deadline.

NOTIFICATION DATE
Not applicable.

FOR INFORMATION OR TO REQUEST AN NJDEP APPLICATION, CONTACT
Frank Pinto, Chief
Bureau of Contract & Fund Management
NJDEP-Division of Responsible Party Site Remediation
401 East State Street
PO Box 413
Telephone: (609) 777-0101
frank.pinto@dep.state.nj.us

APPLICATION LINK:
http://www.state.nj.us/dep/srp/finance/ustfund/