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Aspire
Deadline
Deadline:
Start Date:
Eligibility
- The project must demonstrate through New Jersey Economic Development Authority analysis that without the incentive award, the redevelopment project is not economically feasible
- Must demonstrate that a project financing gap exists and/or the redevelopment project will generate a below-market rate of return
- Be located in a designated Incentive Area
- Include a developer with equity participation of at least 20% of the total cost
- The project must in a net positive benefit to the State
- Must meet specific cost thresholds, depending on where the project is located
Benefits
- Total award cap of $42M, but residential projects also receiving Low-Income Housing Tax Credits (LIHTC), or projects located in certain economically disadvantaged locations may receive up to $60M
- Tax credits equal to 45% of project costs up to $42M
- Commercial projects in a Government Restricted Municipalities (GRM) (These municipalities include: Atlantic City, Paterson and Trenton) can receive tax credits up to 50% of costs in project support
- Newly constructed residential projects that are also utilizing 4% LIHTCs can receive tax credits for up to 60% of project costs
- Projects using LIHTC or any other project in a Qualified Incentive Track (QIT), GRM, or municipality with a Municipal Revitalization Index (MRI) distress score of at least 50, can receive tax credits up to $60M