The state’s newly created Aspire Program — the successor to the Economic Redevelopment and Growth (ERG) Grant Program — is an aggressive tax credit program designed to encourage redevelopment projects using incentive awards to reimburse developers for certain project financing gap costs. The Aspire Program includes incentives for the development of both commercial and residential projects.

As with its predecessor, developers must show that the project is in a qualified incentive area, that without the incentive award the redevelopment project is not economically feasible, and that a project financing gap exists. There are additional requirements based on the nature and overall scope of the project.