The bill amends the Historic Property Reinvestment and Brownfields Redevelopment Incentive programs in New Jersey, introducing new definitions and clarifying existing provisions. Notably, it expands the definition of "cost of rehabilitation" to include all structural and soft costs associated with rehabilitation projects, while excluding costs related to increases in building volume. New terms such as "cost of facade rehabilitation" and "total cost of facade rehabilitation project" are defined to address financial considerations for exterior-focused projects. The bill also modifies the tax credit structure, increasing the percentage of eligible costs in certain municipalities and extending the prevailing wage requirement for building services work for ten years post-rehabilitation. Additionally, it emphasizes the need for economic feasibility without tax credits and outlines conditions for project commencement.

Further amendments include the introduction of a competitive application process for tax credits, particularly for projects involving brownfield sites, and the establishment of new criteria for tax credit eligibility. The maximum tax credits for rehabilitation projects are increased, with qualified properties in incentive tracts eligible for up to 60% of costs or $12 million, while facade rehabilitation projects can receive up to 50% of costs or $4 million. The bill also updates the definition of "brownfield site" to focus on currently vacant or underutilized properties with suspected contamination. Overall, these changes aim to enhance financial incentives for redevelopment and environmental remediation while ensuring compliance with labor standards and environmental regulations.

Statutes affected:
Introduced: 34:1B-271, 34:1B-272, 34:1B-274, 34:1B-275, 34:1B-278, 34:1B-280, 34:1B-281, 34:1B-282, 34:1B-284, 34:1B-287