This bill amends the New Jersey Aspire Program Act to clarify that tax credits for redevelopment projects will not be prorated during any year of the project's eligibility period. Specifically, it states that redevelopment projects approved by the New Jersey Economic Development Authority prior to the effective date of the bill, as well as those that elect to be governed under the previous regulations, will receive full tax credit awards without proration. This change addresses previous regulations that required prorating based on the number of full months a project was certified in its first and last years.

The bill also establishes that applications for residential projects submitted within 121 days after the effective date of the bill, provided they meet certain criteria, will not be subject to affordability controls typically imposed by the authority. The amendments ensure that these projects can be reviewed and administered under the previous rules, while also eliminating the proration requirement for tax credit awards. Overall, the bill aims to provide more certainty and financial stability for developers participating in the Aspire Program.

Statutes affected:
Introduced: 34:1B-335.1