EDA pledges Aspire tax credits for major Newark, Camden and Morristown housing projects

The state has lent its support to three projects that will create or renovate a combined 728 apartments in Newark, Camden and Morristown — most of them for lower-income renters — after awarding nearly $121 million in tax credits under a new gap financing program.

Applications underway for Aspire, a program poised to spur large-scale urban development

The New Jersey Economic Development Authority is now accepting applications for Aspire, an aggressive tax credit program that was designed to encourage redevelopment projects using incentive awards to reimburse developers for certain project financing gap costs. With high costs of construction and mandates at the municipal level related to affordable housing requirements as part of market-rate development projects, the need for a gap financing tool is critical and welcomed by those trying to operate in a tight market.

EDA takes first step toward launching tax credit for reviving historic buildings

State officials have approved a set of proposed guidelines for a new incentive program to support the restoration of New Jersey’s historic buildings and neighborhoods.

EDA now taking applications for new Aspire gap financing program

The state’s Economic Development Authority is now accepting applications for Aspire, its new place-based gap financing program for commercial and residential projects.

Experts say ‘stranded’ office, retail sites can thrive as new-look community hubs

Experts say the way to revive outdated, underutilized commercial properties in New Jersey is to make the sites an essential part of their communities. That can mean increasing the amount of public green space or adding mixed-use elements, among other options aimed at redeveloping so-called stranded assets.  

Greenbaum unveils new practice group focused on state, federal incentives

Greenbaum, Rowe, Smith & Davis LLP has formed a new dedicated, multidisciplinary team focused on helping clients secure state and federal incentives programs, including the newly adopted New Jersey Economic Recovery Act of 2020.

Newark: Developer of 270-unit rental tower lands PILOT, plans groundbreaking this year

The developer of a 270-unit apartment tower in Newark is eyeing a groundbreaking later this year after city officials approved a 30-year tax abatement for the project.

Greenbaum Rowe attorney tapped for newly created NJBA redevelopment counsel post

The New Jersey Builders Association has tapped a partner with Greenbaum, Rowe, Smith & Davis LLP for the newly created position of redevelopment counsel.

Murphy signs $14 billion incentive package

Gov. Phil Murphy has signed into law a bill that would create a seven-year, $14 billion package of tax incentives for key businesses and development projects in the state.

Lawmakers pass $14 billion incentives bill, with Murphy expected to sign

A bill to create a sweeping new program of business and development incentives in New Jersey is awaiting Gov. Phil Murphy’s signature after being passed by state lawmakers on Monday.