The bill amends the New Jersey Aspire Program by revising key definitions and eligibility criteria for municipalities and developers involved in redevelopment projects. It clarifies the definition of "government-restricted municipality" to include specific criteria based on municipal revitalization index distress scores and population metrics, lowering the minimum distress score from 75 to 40. The bill also expands definitions related to economic development, emphasizing community engagement in redevelopment, particularly in food deserts and distressed areas. Additionally, it introduces the concept of a "project financing gap" and specifies that project costs for low- and moderate-income housing projects can include certain developer fees incurred before securing permanent financing.

Moreover, the bill establishes new requirements for developers seeking tax credits, including demonstrating a net positive benefit to the State that exceeds the requested tax credit amount, particularly for projects in government-restricted municipalities. It modifies the net benefits analysis, allowing a lower threshold for projects in these areas. The bill also introduces phased tax abatements for property improvements and extends reductions in utility connection fees for Aspire Program projects. Lastly, it allows for negotiated project labor agreements that may exempt developers from prevailing wage requirements, thereby enhancing the program's effectiveness in stimulating economic development while addressing community needs.

Statutes affected:
Introduced: 34:1B-323, 34:1B-325, 34:1B-326, 34:1B-328, 40:14B-22.3