The bill expands the Brownfields Redevelopment Incentive Program to include tax credits for developers engaged in residential redevelopment projects on remediated brownfield sites. It introduces new definitions such as "affordable housing," which is defined as housing for households earning no more than 80% of the regional median income, and "residential redevelopment project," which refers to predominantly multi-family housing developments on these sites. Developers must submit separate applications for remediation and residential redevelopment projects, demonstrating that the redevelopment is economically unfeasible without the tax credit and that a financing gap exists. The New Jersey Economic Development Authority (EDA) will oversee the issuance of tax credits, which are contingent upon maintaining prevailing wage rates for workers involved in the projects.

Additionally, the bill increases the total value of tax credits authorized for the program from $100 million to $250 million, with up to $150 million specifically allocated for residential redevelopment projects. It establishes eligibility criteria that include proximity to public transportation and minimum percentages of affordable housing units. Developers are required to provide evidence of remediation completion and submit progress reports, with penalties for material misrepresentations. The legislation aims to streamline the application process while ensuring compliance with labor and environmental standards, ultimately promoting economic development and enhancing housing availability in overburdened communities.

Statutes affected:
Introduced: 34:1B-278, 34:1B-279, 34:1B-280, 34:1B-281, 34:1B-283, 34:1B-284, 34:1B-287, 34:1B-362