Demolition Bond Fund Loan Program
The Urban and Rural Centers Unsafe Buildings Demolition Bond Act (P.L. 1997, Chapter 125) established a $20,000,000 loan program for the purpose of providing financing for the demolition and disposal of unsafe buildings in eligible municipalities, urban and rural centers. Municipalities that are eligible to receive State Aid under Urban Aid, P.L. 1977, c.260 (C.52:27D-162 et seq. ) or Rural Centers Aid, P.L. 1978, c. 14 (C.52:27D-178 et seq.) are eligible for Demolition Bond loans. Funding is made available through "rounds" of applications and the Department notifies eligible municipalities when funds are sufficient to allow for awards. Three rounds of funding have been awarded to date.