The bill amends Section 55 of P.L.2020, c.156 (C.34:1B-323) to update and clarify definitions related to economic development and redevelopment projects in New Jersey. Key definitions include "Agency," referring to the New Jersey Housing and Mortgage Finance Agency, and "Authority," which pertains to the New Jersey Economic Development Authority. The bill introduces new terms such as "government-restricted municipality," which outlines conditions for municipalities classified based on financial distress. It also defines various economic incentives, including "economic development incentive" and "project financing gap," to streamline the process for developers seeking financial assistance and ensure alignment with state economic goals.

Additionally, the bill establishes the New Jersey Aspire Program to encourage redevelopment through incentive awards, specifying eligibility criteria for developers and mandating compliance with environmental and labor standards. It outlines conditions for tax credits, including a requirement for a minimum occupancy rate and community benefits agreements for larger projects. The bill also modifies the approval process for tax credits, allowing applications to be deemed approved if not acted upon within 120 days, and introduces criteria for transformative projects, including job creation and economic impact. Overall, the legislation aims to enhance economic development while ensuring compliance with labor standards and promoting affordable housing initiatives.

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
Pamphlet Law: 34:1B-323, 34:1B-324, 34:1B-325, 34:1B-328, 34:1B-329, 34:1B-330, 34:1B-331, 34:1B-333, 52:18A-263