Frequently Asked Questions Regarding Leaking Oil Tank Grants
Q: Why apply for a Leaking Tank Grant if no money is available & I have to wait years?
- The Tank Grant program is a legislative act that has no expiration date. So the program will process grants as long as people submit them. Not applying is just throwing money out the window. New Jersey is one of the few states that have this type of funding.
- Because of high demand (and under funding) the program spends its yearly budget faster than new monies are added. i.e., money is allocated starting in July of each year and new monies are added the following July. Money is typically allocated within a few months of it being available.
- Due to misunderstanding about the program, applications have decreased compared to years past, so new applicants have a better chance of being approved.
- The application process is free, Curren Environmental will assist you in completing the application.
Q: Who is eligible for an NJDEP oil tank grants?
A: Only applicants with leaking underground storage tanks are eligible based on the following criteria:
- Applicant must own the leaking oil tank at time of removal.
- Oil Tank removal work must be performed by an NJDEP certified contractor.
- Oil Tank removal must have been completed on or after August 2, 2006.
Q: Who qualifies for NJDEP leaking oil tank removal grants?
A: In order to be considered for a conditional hardship grant, applicants must meet the following criteria:
- Annual taxable income of LESS than $250,000;
- Net worth, exclusive of primary residence and pensions (any retirement monies), of LESS than $500,000;
- Denial of claim by applicants insurance carrier. Please note if your insurance carrier approves your claim but will only pay for say 50% of the cost, you can apply to the grant for the remaining 50%.
- Financial need of grant monies, the NJEDA will determine financial hardship on whether or not money can be repaid without posing a financial burden on the applicant. (51% or more of your annual income goes towards annual living expenses such as mortgage, insurance, loan payments, etc.)
Q: What is involved in applying for NJDEP leaking oil tank removal grants?
A: First the oil tank needs to be removed by a NJDEP certified company such as Curren Environmental, which then provides a certification that the tank has leaked. Once the work has been completed Curren Environmental will send you a report of the work done for your records, along with a partially completed application.
Q: What is a partially completed application?
A: Curren enjoys assisting their clients as much as possible in the application process; however, some of the information required is confidential and needs to be completed by the applicant and/or an accountant. A partially completed application will have all other information filled out, highlighted for easy review and ready for signatures.
Q: What will the NJEDA require to determine funding awarded?
A: A complete application includes:
- Complete copies of the last three years of income tax returns;
- Contractor Certification Form;
- canceled checks and paid invoices of work performed;
- A $250.00, non-refundable, application fee made out to NJEDA
Q: What is the turn around time for NJDEP Grant reimbursement?
A: All reviews are based on funding that is available. Currently all monies in the fund are set aside for existing applications. July is the fiscal year for the New Jersey Economic Development Authority (NJEDA), this is when more monies are put into the fund.
Q: What if the property is not the applicant's primary residence?
A: Funding may still be awarded in this circumstance; however, a lien will be placed on the subject property in the amount of the entire grant for 5 years and must be repaid when the property is sold.
Q: If it is determined that the tank is found to be not leaking, is funding still available?
A: No, to be eligible your tank must leak.