The following information is courtesy of the New Jersey Economic Development Authority Petroleum Underground Storage Tank Program
When is the Bill effective?
Effective August 2, 2006, the PUST Fund provided funding to eligible applicants to help finance eligible project costs for the closure/removal and replacement of a non-leaking residential underground storage tank (UST).
Effective October 1, 2009, the PUST Fund provided funding to eligible not-for-profit applicants to help finance eligible project costs for the closure/removal and replacement of a non-leaking non-residential UST up to 2,000 gallons, and allows for a conditioned approval for homeowner applicants prior to completing the work. This is strictly voluntary for New Jersey property owners or operators.
Am I an eligible applicant?
Applicants must own or operate the project site and be responsible for the non-leaking residential UST at the time the work was completed and will own or operate the project site at the time the application is received by the NJEDA. In addition, the applicant must not have received prior funding from the PUST Fund for said tank.
If you are in the process of selling or moving out of the project site, please make sure an application is received by the NJEDA, even if the application is incomplete, prior to the date of sale to avoid denial of funding.
Residential UST removal/closure and replacement must have been performed on or after August 2, 2006. And a residential UST removal/closure must be performed on or after August 2, 2006 in order to receive reimbursement for the above ground storage tank (AST) installation.
Not-for-profit applicants are eligible to close/remove and replace a non-leaking (up to 2,000 gallons) non-residential UST as long as the work was completed on or after October 1, 2009.
Applicants with a leaking residential UST are also eligible for closure/removal, upgrade and/or remediation cost reimbursement, but need to make application first with the New Jersey Department of Environmental Protection.
If I am an eligible applicant, what should I do next? Contact Firstech so we can put together a quote for you. Upon tank removal completion, we will help you with the NJEDA or NJDEP application. You will then submit this application to the NJEDA along with the itemized list of attachments. It is advisable to submit the application once the work has been completed.
What are the limits of funding available from the UST Fund?
Grants and loans of up to $1,500 may be awarded for the closure of non-leaking underground home heating oil tanks. Grants and loans of up to $3,500 may be awarded for the closure and replacement of non-leaking underground home heating oil tanks. Tanks can be replaced with an above ground storage tank whenever possible or an underground storage tank if an above ground storage tank is not feasible. The applicant is responsible for costs above these limits to close or close and replace a non-leaking UST.
What will the NJEDA require to determine a loan and/or grant award?
In order to determine the type of award, the following items will need to be included with the application:
Last 3 years Federal Income Tax Returns of the homeowner and sole proprietor applicant; and
Completed Personal Financial Statement of the homeowner and sole proprietor applicant (if tax returns are filed jointly, both spouses must be included on the personal financial statement and sign)
If a Corporation, Partnership, LLC, a not-for-profit entity which is not a 501(c)(3) - last 3 years Business Federal Income Tax Returns and current Balance Sheet.
If a not-for-profit 501(c)(3) entity, provide the tax exempt certificate, the 501(c)(3) IRS determination letter and a certification that the organization employs no more than 100 paid employees.
How can I qualify for a grant award?
In order to qualify for a conditional hardship grant, Applicants must meet all of the following criteria:
An annual taxable income of not more than $250,000; and
Net worth, exclusive of applicant’s primary residence and pensions (IRS recognized retirement plans, 401K, IRA), of not more than $500,000; and
A determination of financial hardship which will be based on whether an applicant can reasonably be expected to repay, if the funding were to be awarded as a loan.
A determination of financial hardship with an Estate as the applicant....Liabilities must exceed its Assets inclusive of primary residence and pension plans (IRS recognized retirement plans, IRA, 401K) and the estate must not be settled.
Applicants with a taxable income of $200,000 and over are required to pay for the first $1,000 of the eligible project costs.
What happens if my tank leaks?
There are cost recovery measures available in the State of New Jersey for remediating environmental issues. These measures, when performed correctly, can save you thousands of dollars. Some of the measures are homeowner’s insurance, NJDEP grants, and NJDEP loans. Firstech Environmental will assist you in completing any paperwork necessary to process the application or claim.
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Firstech Environmental Inc.1340 Campus Parkway Wall, New Jersey 07753800 - 997 - 2820NjOilTankGrants.com
Firstech Environmental is an environmental consultanting company that provides oil tank removal, remediation, Wetlands/CAFRA/Pinelands permitting, Phase I and Phase II Investigations, NJDEP Compliance, and other environmental consulting services throughout New Jersey.
Atlantic County, Burlington County, Camden County, Cape May County, Cumberland County, Gloucester County, Mercer County, Middlesex County, Monmouth County, Ocean County, Somerset County, Union County
1340 Campus Parkway Wall, New Jersey 07753
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