The bill amends Section 55 of P.L.2020, c.156 (C.34:1B-323) to refine definitions related to economic development and redevelopment projects in New Jersey. It introduces key terms such as "Agency" for the New Jersey Housing and Mortgage Finance Agency and "Authority" for the New Jersey Economic Development Authority, while also clarifying definitions for "collaborative workspace," "commercial project," and "developer." Notably, the definition of "commercial project" now encompasses predominantly commercial redevelopment projects with specific size thresholds based on municipal classifications. The bill further introduces the term "government-restricted municipality" and expands definitions for "low-income housing" and "moderate-income housing" according to federal standards, emphasizing environmental remediation costs and outlining parameters for "project cost" and "project financing gap."

Additionally, the bill establishes the New Jersey Aspire Program to incentivize redevelopment projects by providing awards to developers for financing gap costs, with strict eligibility criteria. It mandates that workers on these projects receive prevailing wages and includes provisions for community benefits agreements for projects costing $10 million or more. The bill also modifies the approval process for tax credits, allowing developers to receive tax credit certificates if the authority does not act within 120 days of a complete application. It sets a maximum tax credit of 85% for transformative projects in government-restricted municipalities and outlines conditions for the purchase of unused tax credits. Overall, the amendments aim to enhance accountability, streamline access to tax credits, and promote significant economic development while ensuring compliance with state regulations.

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