Financing Programs - Petroleum Underground Storage Tank Program (PUST) - Non-Leaking Tanks Commercial, Residential & Not-for-Profit
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IF YOU ARE:  Effective 8/2/06 -  A business owner or residential property owner who owns or operates a non-leaking residential underground storage tank.

Effective 10/1/09 - A not-for-profit organization, a duly incorporated volunteer fire, ambulance, first aid, emergency or rescue company or squad who owns or operates a non-leaking non-residential underground storage tank up to 2,000 gallons.

YOU CAN APPLY FOR: Grant and loan funding, based on the financial performance review conducted by the EDA.

IN THE AMOUNT OF:

Grants/Loans:

  • Effective 10/1/09 - An eligible owner or operator may receive a grant for the eligible project costs in an amount consistent with the cost guidelines established by the Department of Environmental Protection in effect at the time the removal/closure is performed.
  • Effective 8/2/06-9/30/09 -$1,200 for the removal/closure of the residential non-leaking underground storage tank.
  • Effective 8/2/06-9/30/09  - Balance up to $3,000 for the replacement with an above ground storage tank (in effect at the time the removal/closure is performed).

TO BE USED FOR: Removal/closure of a non-leaking residential underground storage tank and replacement with an above ground storage tank.

TERMS:

Grant: If the project site is not a residence of the applicant, a lien is placed on the property for five years and repayable if the project site is sold.

Loan:

  • 2% to Wall Street Journal Prime, based on applicant’s financial status
  • 10-year maximum
  • Lien for term, unless repaid

ELIGIBILITY:

  • Must own or operate the project site at the time of application is made with the EDA.
  • Work must have been done on or after August 2, 2006.
  • Tank must not have been replaced using a grant/loan from the fund.
  • The residential underground storage tank must be removed and certified not to be leaking by a DEP certified firm.


To view the latest application denial analysis, click here.

Grant:

  • Applicants with a taxable income of $200,000 and over are required to pay for the first $1,000 of the eligible project costs.
  • Taxable income must not exceed $250,000.
  • Net worth must not exceed $500,000 (excluding primary residence and pension plans).
  • Financial hardship (inability to repay debt).
  • If not-for-profit organization:
    • 501(c)(3) IRS Designation Letter.
    • Tax exempt entity.
    • No more than 100 paid employees.

Loan:

  • Must satisfy EDA’s standard underwriting criteria.

FEES*:

  • Application fee: Residential, $250; Commercial/Not-for-profit, $500


Division of Taxation Tax Clearance Certificate Application Processing Fee: $75 for standard processing; $200 for expedited processing (response within three business days)  

 

*All fees are non-refundable.