STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND
||Please note that effective July 1, 2010, the UST Fund discontinued accepting new Regulated UST Fund applications. However if a regulated tank is newly discovered, the UST Fund will accept an application in this situation, if the owner/operator files their application for a newly discovered and previously unregistered regulated tank within 18 months from the date of discovery. This deadline does not affect supplemental UST Fund applications for regulated or unregulated (residential heating oil tank) applications.
Purpose of Funding
The UST Fund provides financial assistance in the form of loans and grants to eligible owners and operators for the closure and remediation of a discharge of residential and other unregulated petroleum underground storage tanks, and for the closure, and remediation of State regulated petroleum underground storage tanks.
Source of Funding
A portion of the New Jersey Corporate Business Tax
to provide financial assistance for this Fund. The amount dedicated each
year is approximately $10-15 million, depending on the amount of Corporate Business
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 $250,000.00, and a net worth not exceeding $500,000.00, 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.
Grant recipients are eligible to receive up to $500,000.00 per site, and up to $1,000,000.00 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.
Copies of the application are available from Fund Management Section, Division of Enforcement, Technical & Financial Support, or may be obtained on the DEP's web site at: http://www.nj.gov/dep/srp/finance/ustfund/. Currently, we are acceptingapplications for unregulated USTS (which includes Homeowner Heating Oil USTs), but we are not reviewing, new applications as of May 3, 2011 due to insufficient funds available at this time. We currently have more applications in our combined pipelines (NJEDA and NJDEP) than there are available funds. Currently applications that are received will most likely not see funding available until after July of 2018 (FY19).
For More Information or to Request an Application, Contact
Fund Management Section
Site Remediation Program
Mail Code 401-06i
PO Box 420
Trenton, NJ 08625-0420