The bill revises the New Jersey Aspire Program and establishes a new Redevelopment Project Bridge Financing Program, enhancing the framework for economic development and redevelopment in the state. It amends definitions related to redevelopment projects, expanding the definition of "commercial project" to include warehouse distribution centers and film production facilities, while introducing a new definition for "mixed-use project." The bill clarifies what constitutes "project costs," including development and environmental remediation expenses, and specifies that fees for grant applications will not be included in these costs. Additionally, it outlines criteria for developers to qualify for incentive awards, emphasizing economic feasibility and compliance with environmental and labor standards.

The legislation also modifies existing tax credit provisions, allowing developers to apply for tax credits against their tax liabilities and carry forward unused credits for up to seven privilege periods. It establishes a framework for the transfer of tax credits and mandates that the Department of the Treasury can redeem unused credits at a discount. Furthermore, the bill introduces new requirements for community benefits agreements for larger projects and specifies conditions under which tax credits can be forfeited if occupancy rates fall below a certain threshold. Overall, the bill aims to streamline the Aspire Program, promote redevelopment, and enhance housing affordability while ensuring compliance with regulations and protecting taxpayer interests.

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