Q: Can I still submit an application to the UST Fund if I have not already done so?
A: Yes, the UST Fund is accepting new applications for unregulated petroleum underground storage tanks, which include home heating oil tanks;
however, these applications will not be reviewed or processed at this time due to insufficient funds. They will be date stamped and held in queue. If
and when sufficient funds become available, these applications will be reviewed and processed in the order of receipt. The estimated waiting period for
financial assistance is currently 3.5 years from the date of receipt of the application by the NJDEP.
Q: What if my UST Fund application has already been approved?
A: If your UST Fund application has received full approval through both NJDEP and NJEDA, meaning that you have signed the Financial Assistance Agreement
and closed on your grant or loan with NJEDA, then funds are reserved for your project and will be available to pay for costs incurred, as specified in your
approval. Therefore, funds will be available to pay contractor invoices as the work is performed, with the understanding that such invoices must still
follow the normal review process to ensure that they represent work that was part of your original approval.
Q: What If additional funding above and beyond what was originally approved is required due to legitimate cost increases?
A: Whenever an applicant requires additional funding to complete their UST project, the applicant must submit what is referred to as a "Supplemental
Funding Request". These Supplemental Funding Requests will be prioritized so that projects already started can proceed through completion. Therefore,
Supplemental Funding Requests will continue to be accepted, reviewed and processed provided sufficient funding is available.
Q: What is the future outlook for the UST Fund?
A: Currently, as per the State Constitution, the UST Fund is allotted a certain amount of funding each fiscal year (July of each year). These amounts
fluctuate with certain tax revenues collected by the state. NJDEP and NJEDA are currently working on legislative initiatives to help more efficiently
utilize the limited funds anticipated in the future, however, there is no guarantee that any such initiatives will allow applications to be funded any
earlier than detailed above.
If you have any additional specific questions regarding the UST Fund, please call (609) 984-2076.