PETROLEUM UNDERGROUND STORAGE TANK PROGRAM
Please be advised that effective May 3, 2011, the NJEDA is no longer accepting new applications for the Petroleum Underground Storage Tank Remediation, Upgrade and Closure Program for non-leaking tanks due to insufficient funds. For additional information, please call 866-534-7789.
- <strong>PROGRAM DETAILS</strong>
- <strong>ELIGIBILITY</strong>
- <strong>FEES</strong>
- <strong>MORE INFO</strong>
PROGRAM DETAILS
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
ELIGIBILTY
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.
- Must own or operate the project site at the time of application is made with the NJEDA.
- 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 NJEDA’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.
Please be advised that effective May 3, 2011, the NJEDA is no longer accepting new applications for the Petroleum Underground Storage Tank Remediation, Upgrade and Closure Program for non-leaking tanks due to insufficient funds. For additional information, please call 866-534-7789.
PROGRAM GUIDE
QUESTIONS
For more information or to ask a specific question please send an email to smallbusinessservices@njeda.com and a team member will reach out to you.