The bill amends the New Jersey Aspire Program and establishes a new Redevelopment Project Bridge Financing Program to enhance support for redevelopment initiatives. Key revisions include an expanded definition of "commercial project" to include industrial spaces primarily used for warehouse distribution or fulfillment centers with significant environmental remediation costs, as well as film production facilities. The bill also introduces the term "mixed-use project" and broadens the definition of "project cost" to encompass a wider range of expenses, including development, relocation, and soft costs. Additionally, it mandates that at least 20% of newly constructed residential units be reserved for low- and moderate-income households and clarifies that application or administration fees for grants will not be considered project costs.

Furthermore, the bill modifies tax credit provisions for developers, reducing the maximum eligibility period for tax credits from 15 years to 10 years and establishing that developers will receive the full amount of credit once their project's average occupancy rate reaches or exceeds 60%. It introduces a Redevelopment Project Bridge Financing Program to assist developers facing financing gaps and outlines specific provisions for accountability, including community benefits agreements for projects costing $10 million or more. The bill also emphasizes the importance of environmental remediation costs and compliance with local hiring practices, while ensuring that the New Jersey Economic Development Authority monitors adherence to prevailing wage requirements for construction workers. Overall, these amendments aim to streamline the tax credit process, enhance economic development, and support the redevelopment of stranded assets in New Jersey.

Statutes affected:
Introduced: 34:1B-323, 34:1B-324, 34:1B-325, 34:1B-328, 34:1B-329, 34:1B-330, 34:1B-331, 34:1B-333, 34:1B-335.1, 52:18A-263, 54:10A-4, 34:1B-5.1