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.