Oil Tank Removal Grants Available

By
Real Estate Agent with RE/MAX Preferred

A recent article in the Colony News announced that the Medford Lakes Environmental Commission hosted an underground oil storage tank information session at Cathedral in the Woods on March 11, 2008, where subject matter experts served on panel to present information and answer questions of residents.  Since the community consists primarily of older houses, the environmental commission is concerned about the many older tanks buried in the town, especially in a lake and well-water community.  Bear steel tanks placed directly in the soil can begin to corrode in as little as 15 years, according to a study by the U.S. EPA. 

The information session was organized to ensure that residents are aware of state assistance to cover some of the costs of removing these underground tanks through the NJEDA.  A homeowner can receive up to $1,200 for the removal of a non-leaking underground oil tank and up to $3,000 for the removal of a non-leaking underground oil tank and the installation of a new aboveground oil tank. 

Forms are available on the njeda.com web site.  Once the tank has been removed and it is confirmed that it has not leaked, the application package can be submitted along with the $250 application fee to the NJEDA.  Reimbursement checks are usually received in 4-6 weeks.

In the event that the oil tank has leaked, the same fund at the NJEDA can pay for the cleanup costs that are not covered by a tank protection plan and homeowners insurance policy.  The NJEDA Fund can even cover any insurance deductible that the homeowner my have to pay.

In order to qualify for a grant the applicant has to have an annual taxable income of less than $250,000 and a net worth of less that $500,000, not including the value of the applicant's primary residence and retirement savings (401K/IRA/Pension).  The applicant can be the owner or in certain cases the occupant of the residence.  These grants are also available to estates, depending on the equity in the estate.

Source: Medford Lakes Colony News


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Copyright 2008 by Lawrence Yerkes. All Rights Reserved.

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