The bill amends Section 6 of P.L.2009, c.90 to extend the deadline for submitting a temporary certificate of occupancy for certain qualified residential and mixed-use parking projects under the Economic Redevelopment and Growth Grant program from June 30, 2028, to June 30, 2032. This extension is applicable to developers who submitted an incentive grant application prior to July 1, 2019, or December 31, 2021, depending on the project category. Additionally, municipalities are permitted to submit letters of support for up to six projects, which can be amended until specified dates, and developers are granted flexibility to modify their applications under certain conditions.

The bill also introduces provisions for tax credits for developers if the estimated incremental revenues do not fully fund the State portion of the incentive grant, with a total credit value not exceeding $993 million. It designates allocations for various project categories, including those in distressed municipalities and urban transit hubs, while emphasizing compliance with environmental standards, affirmative action requirements, and wage regulations for workers involved in these projects. Furthermore, it mandates that mixed-use parking projects comply with Leadership in Energy and Environmental Design (LEED) standards and outlines specific grant coverage percentages for parking and non-parking components based on certain criteria. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 52:27D-489