The bill revises the New Jersey Aspire Program and introduces a new Redevelopment Project Bridge Financing Program aimed at enhancing economic development and supporting redevelopment efforts in the state. Key amendments include an expanded definition of "commercial project" to include warehouse distribution centers, film studios, and health care centers, as well as the introduction of "mixed-use project." The definition of "project cost" is broadened to encompass various expenses incurred by developers, while application or administration fees for grants under the Aspire Program are explicitly excluded from project costs. Additionally, the bill modifies existing affordability controls for residential units and establishes new occupancy requirements for commercial projects, ensuring developers maintain a minimum occupancy rate to retain tax credits.

Furthermore, the bill amends the eligibility criteria for incentive awards, removing the maximum eligibility period of 15 years for commercial or mixed-use projects and setting a new maximum of 10 years for all project types. It mandates community benefits agreements for projects costing $10 million or more and allows for the sale of buildings during the eligibility period under certain conditions. The bill also clarifies tax credit application processes, enabling developers to carry forward unused credits and establishing a framework for the redemption of unused tax credits by the Department of the Treasury. Overall, these changes aim to streamline the Aspire Program, enhance accountability, and maximize the benefits of redevelopment projects while ensuring compliance with labor and environmental standards.

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