New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31D - ECONOMIC REDEVELOPMENT AND GROWTH PROGRAM › Subchapter 1 - ECONOMIC REDEVELOPMENT AND GROWTH PROGRAM › Section 19:31D-1.9 - Tax credits for qualified residential projects, mixed use parking projects, or projects involving university infrastructure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the case of a qualified residential
				  project, mixed use parking project, or project involving university
				  infrastructure, if the Authority determines that the estimated amount of
				  incremental revenues pledged towards the State portion of an incentive grant is
				  inadequate to fully fund the amount of the State portion of the incentive
				  grant, then in lieu of an incentive grant based on such incremental revenue,
				  the developer shall be awarded tax credits equal to the full amount of the
				  incentive grant, which shall be taken over a 10-year period, at the rate of
				  one-10th of the total amount for each tax accounting or privilege period of the
				  developer. For (a)1, 2, 3, and 4 below, not more than $ 40,000,000 of credits
				  shall be awarded to any qualified residential project in a deep poverty pocket
				  or distressed municipality and not more than $ 20,000,000 of credits shall be
				  awarded to any other qualified residential project. The value of all credits
				  approved by the Authority pursuant to this subsection shall not exceed $
				  628,000,000, of which:
1. $ 250,000,000 shall
				  be restricted to qualified residential projects within Atlantic, Burlington,
				  Camden, Cape May, Cumberland, Gloucester, Ocean, and Salem counties, of which,
				  $ 175,000,000 of the credits shall be restricted to qualified residential
				  projects located in a Garden State Growth Zone located within the
				  aforementioned counties and mixed use parking projects located in a Garden
				  State Growth Zone or urban transit hub located within the aforementioned
				  counties; and $ 75,000,000 of credits shall be restricted to qualified
				  residential projects in municipalities with a 2007 Municipal Revitalization
				  Index of 400 or higher as of the date of enactment of the New Jersey Economic
				  Opportunity Act of 2013,
				  P.L.
				  2013, c. 161;
2. $ 250,000,000 shall be restricted to the
				  following categories of projects:
i. Qualified
				  residential projects located in urban transit hubs that are commuter rail in
				  nature that otherwise do not qualify pursuant to (a)1 above;
ii. Qualified residential projects located in
				  Garden State Growth Zones that do not qualify pursuant to (a)1 above;
iii. Mixed use parking projects located in
				  urban transit hubs or Garden State Growth Zones that do not qualify pursuant to
				  (a)1 above, provided however, an urban transit hub shall be allocated no more
				  than $ 25,000,000 for mixed use parking projects and $ 25,000,000 of credits
				  shall be restricted to mixed use parking projects in Garden State Growth Zones
				  that have a population in excess of 125,000 and do not qualify pursuant to (a)1
				  above;
iv. Qualified residential
				  projects that are disaster recovery projects that otherwise do not qualify
				  pursuant to (a)1 above; or
v.
				  Qualified residential projects in SDA municipalities located in Hudson County
				  that were awarded State Aid in State Fiscal Year 2013 through the Transitional
				  Aid to Localities program and otherwise do not qualify pursuant to (a)1
				  above;
3. $ 87,000,000
				  shall be restricted to the following categories of projects: qualified
				  residential projects located in distressed municipalities, deep poverty
				  pockets, highlands development credit receiving areas or redevelopment areas,
				  otherwise not qualifying pursuant to (a)1 or 2 above; and mixed use parking
				  projects that do not qualify pursuant to (a)1 and 2 above and which are used by
				  an independent institution of higher education, a school of medicine, a
				  nonprofit hospital system, or any combination thereof; provided, however, that
				  $ 20,000,000 of the $ 87,000,000 shall be allocated to mixed use parking
				  projects that do not qualify pursuant to (a)1 or 2 above;
4. $ 16,000,000 shall be restricted to
				  qualified residential projects that are located within a qualifying economic
				  redevelopment and growth grant incentive area otherwise not qualifying pursuant
				  to (a)1, 2, or 3 above; and
5. $
				  25,000,000 shall be restricted to projects involving university
				  infrastructure.