STORAGE TANK REMEDIATION, UPGRADE AND CLOSURE FUND
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
to provide financial assistance for this Fund. The amount dedicated each
year is approximately $12-15 million, depending on the amount of Corporate Business
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 $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.
QUALIFICATIONS REQUIRED FOR
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 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 Bureau of Contract and Fund Management, Division of Remediation Support, or may be obtained on the DEP's web site at: http://www.nj.gov/dep/srp/finance/ustfund/. We are currently accepting, but not reviewing, new applications as of May 3, 2001 due to insufficient funds available at this time. We currently have more applications in our combined pipelines (NJEDA and NJDEP) than available funds. Applications received after May 2, 2011 will most likely not see funding available until after July of 2014 (FY15).
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.
FOR INFORMATION OR TO REQUEST
AN NJDEP APPLICATION, CONTACT
Chief Financial Officer
Contracting & Financial Services Element
Site Remediation Program
Mail Code 401-06I
PO Box 420
APPLICATION LINK: http://www.state.nj.us/dep/srp/finance/ustfund/