The state has approved another $20 million in tax credits under the Aspire program, clearing the way for developers to build or renovate a combined 164 apartments for seniors in Essex and Gloucester counties.
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.
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.
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.
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Experts say the way to revive outdated, underutilized commercial properties in New Jersey is to make the sites an essential part of their communities.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, 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.
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.
The New Jersey Builders Association has tapped a partner with Greenbaum, Rowe, Smith & Davis LLP for the newly created position of redevelopment counsel.
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.