New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings, unless the context clearly
					 indicates otherwise.
"Act" means the New Jersey Aspire Program Act, sections 54
					 through 67 at
					 P.L.
					 2020, c. 156, as
					 amended at P.L. 2021, c.
					 160, and
					 P.L.
					 2023, c. 98 (N.J.S.A.
					 34:1B-322 through 34:1B-335).
"Affiliate" means an entity that directly or indirectly
					 controls, is under common control with, or is controlled by, the developer.
					 Control exists in all cases in which the entity is a member of a controlled
					 group of corporations, as defined pursuant to section
					 1563 of the Internal Revenue Code
					 of 1986 (26 U.S.C. § 1563), or the entity is an organization in a group of
					 organizations under common control, as defined pursuant to subsection (c) of
					 section 414 of the Internal Revenue Code
					 of 1986 (26 U.S.C. § 414). For a phased transformative project, a
					 developer may establish, by clear and convincing evidence, as determined by the
					 Authority, that control exists in situations involving lesser percentages of
					 ownership if the developer shall have control, at a minimum, of all aspects of
					 compliance with the Program. An affiliate of a developer may contribute to the
					 project cost and may satisfy the requirement for site control during
					 construction and the eligibility period, but in no event shall the tax credit
					 certificate be issued to any affiliate.
"Affordability average" means the mean average of the
					 percentage of median gross household income at which restricted units in an
					 affordable development are affordable to households. For example, if the rents
					 for the five restricted rental units in an affordable development are
					 affordable at 46, 48, 50, 54, and 62 percent of median gross household income,
					 respectively, the average affordability for those units would be 52 percent of
					 median gross household income. The amount shall be rounded up to the nearest
					 whole number (first decimal of five is rounded up).
"Affordability controls" means the controls established at
					 N.J.A.C. 19:31V-1.15 through 1.22 on restricted units.
"Affordable" means, in the case of a rental unit, that the
					 rent for the unit conforms to the standards set forth at N.J.A.C. 19:31V-1.19
					 and 1.20.
"Affordable development" means a redevelopment project with
					 restricted units.
"Agency" means the New Jersey Housing and Mortgage Finance
					 Agency established pursuant to N.J.S.A. 55:14K-1 et seq.
"Age-restricted unit" means "housing for older persons" as
					 defined at 42 U.S.C. § 3607.
"Authority" means the New Jersey Economic Development
					 Authority established at N.J.S.A. 34:1B-4.
"Aviation district" means all areas within the boundaries
					 of the Atlantic City International Airport, established pursuant to N.J.S.A.
					 27:25A-24, and the Federal Aviation Administration William J. Hughes Technical
					 Center and the area within a one-mile radius of the outermost boundary of the
					 Atlantic City International Airport and the Federal Aviation Administration
					 William J. Hughes Technical Center.
"Board" means the Board of the New Jersey Economic
					 Development Authority established at N.J.S.A. 34:1B-4.
"Building services" means any cleaning or routine building
					 maintenance work, including, but not limited to, sweeping, vacuuming, floor
					 cleaning, cleaning of rest rooms, collecting refuse or trash, window cleaning,
					 securing, patrolling, or other work in connection with the care or securing of
					 an existing building, including services typically provided by a door-attendant
					 or concierge. Building services shall not include any skilled maintenance work,
					 professional services, or other public work for which a contractor is required
					 to pay the prevailing wage as defined at N.J.S.A. 34:11-56.26.
"Cash flow" means the profit or loss that an investment
					 property earns from rent, deposits, and other fees after financial obligations,
					 such as debt, maintenance, government payments, and other expenses, have been
					 paid. Cash flow shall include costs for benefits and services provided pursuant
					 to the community benefits agreement during the eligibility period, subject to
					 the limitations at N.J.A.C. 19:31V-1.8(e)8. For purposes of cash flow,
					 government payments shall not include, among other things, payments that are
					 the result of a violation or a settlement of a violation or any payment that is
					 not reasonable and customary, as determined by the Authority.
"Co-applicant" means an entity that:
1. Is non-profit for taxation purposes
				  pursuant to the provisions of section 501(c)3 of the Internal Revenue
				  Code;
2. Contributes capital, real
				  property, or services related to the project that directly affect and serve the
				  anticipated residents, tenants, or customers of the tenants of the
				  redevelopment project; and
3.
				  Enters into a participation agreement with the developer that specifies the
				  co-applicant's participation in the redevelopment project.
"Commercial project" means a redevelopment project that is
					 predominantly commercial and, if located in a government-restricted
					 municipality, contains 25,000 or more square feet, or if located in any other
					 municipality, contains 50,000 or more square feet of office and retail space,
					 industrial space, or film production uses. Office space shall include
					 laboratory and research and development space. The term "commercial project"
					 includes a redevelopment project comprised solely of a health care or health
					 services center. A commercial project may include a parking component, provided
					 that the square footage for the parking component shall not count toward the
					 required minimum square feet and when determining if a project is a commercial
					 or residential project, a parking component shall not constitute either a
					 residential or commercial use. The term "commercial project" shall not include
					 premises or space used predominately for warehousing, distribution, or
					 fulfilment center.
"Community benefits agreement" means the agreement between
					 the developer; a co-applicant, if applicable; the municipality or county; and
					 the Authority, pursuant to N.J.S.A. 34:1B-328.f and N.J.A.C.
					 19:31V-1.8(e).
"Developer" or "applicant" means a person who enters, or
					 proposes to enter, into an incentive award agreement pursuant to the provisions
					 at N.J.S.A. 34:1B-328, including, but not limited to, a lender that completes a
					 redevelopment project, operates a redevelopment project, or completes and
					 operates a redevelopment project.
"Developer contributed capital" means equity contributed by
					 the developer.
"Director" means the Director of the Division of Taxation
					 in the Department of the Treasury.
"Distressed municipality" means a municipality that is
					 qualified to receive assistance pursuant to N.J.S.A. 52:27D-178 et seq., a
					 municipality pursuant to the supervision of the Local Finance Board pursuant to
					 the provisions of the Local Government Supervision Act, N.J.S.A. 52:27BB-1 et
					 seq., a municipality identified by the Director of the Division of Local
					 Government Services in the Department of Community Affairs to be facing serious
					 fiscal distress, an SDA municipality, or a municipality in which a major rail
					 station is located.
"Economic development incentive" means a financial
					 incentive, awarded by the Authority, or agreed to between the Authority and a
					 business or person, for the purpose of stimulating economic development or
					 redevelopment in New Jersey, including, but not limited to, a bond, grant,
					 loan, loan guarantee, matching fund, tax credit, or other tax
					 expenditure.
"Eligibility period" means the period of 10 years for an
					 incentive award agreement or incentive phase agreement during which a developer
					 or a co-applicant, if applicable, may claim a tax credit pursuant to the
					 Program.
"Enhanced area" means a municipality that contains an urban
					 transit hub, as defined at N.J.S.A. 34:1B-208; the five municipalities with the
					 highest poverty rates according to the 2017 Municipal Revitalization Index; and
					 the three municipalities with the highest percentage of SNAP recipients
					 according to the 2017 Municipal Revitalization Index.
"Equity" means developer-contributed capital that may
					 consist of cash, costs for project feasibility incurred within the 12 months
					 prior to application, property value less any mortgages when the developer owns
					 the project site, and any other investment by the developer in the project
					 deemed acceptable by the Authority. Property value shall be valued at the
					 lesser of: the purchase price, provided the property was purchased pursuant to
					 an arm's length transaction within 12 months of application; or the value as
					 determined by a current appraisal acceptable to the Authority. Equity shall
					 include Federal or local grants and proceeds from the sale of Federal or local
					 tax credits, including, but not limited to, the Historic Rehabilitation Tax
					 Credit, 26 U.S.C. § 47, Low-Income Housing Credit, 26 U.S.C. § 42,
					 and New Market Tax Credit, 26 U.S.C. § 45D. Equity shall not include State
					 grants or tax credits or proceeds from redevelopment area bonds. For a
					 residential project utilizing Low-Income Housing Tax Credits awarded by the New
					 Jersey Housing and Mortgage Financing Agency, equity also includes the portion
					 of the developer's fee that is deferred for a minimum of five years.
"Environmental remediation costs" means any costs incurred
					 by a developer in the completion of any actions necessary to investigate, clean
					 up, or respond to a known, suspected, or threatened discharge of contaminants,
					 including, as necessary, the preliminary assessment, site investigation,
					 remedial investigation, and remedial action, pursuant to N.J.S.A. 58:10B-1 et
					 seq.
"Film production uses" means a film studio, professional
					 stage, sound stage, television studio, recording studio, screening room, or
					 other production support space or infrastructure used for film production,
					 including, but not limited to, production offices, mill space, or backlots,
					 provided that the predominant use shall not be administrative or back office
					 use.
"Fiscal impact analysis" means the analysis to be
					 undertaken by the Authority to determine if the project meets the requirement
					 of providing a net positive economic benefit to the State.
"Food delivery source" means access to nutritious foods,
					 such as fresh fruits and vegetables, through grocery operators, including, but
					 not limited to, a full-service supermarket or grocery store, and other healthy
					 food retailers of at least 16,000 square feet, including, but not limited to, a
					 prepared food establishment selling primarily nutritious ready-to-serve
					 meals.
"Full-time employee at the redevelopment project" means a
					 full-time employee whose primary office is at the redevelopment project and who
					 spends at least 60 percent of their time at the redevelopment project, or who
					 spends any other period of time generally accepted by custom or practice as
					 full-time employment at the redevelopment project, as determined by the
					 Authority.
"Government-restricted municipality" means a municipality
					 in this State with a municipal revitalization index distress score of at least
					 75, that met the criteria for designation as an urban aid municipality in the
					 2019 State fiscal year, and that, on the effective date at N.J.S.A. 34:1B-269
					 et seq. (January 7, 2021), is subject to financial restrictions imposed
					 pursuant to the Municipal Stabilization and Recovery Act, N.J.S.A. 52:27BBBB-1
					 et seq., or is restricted in its ability to levy property taxes on property in
					 that municipality as a result of the State of New Jersey owning or controlling
					 property representing at least 25 percent of the total land area of the
					 municipality or as a result of the Federal government of the United States
					 owning or controlling at least 50 acres of the total land area of the
					 municipality, which is dedicated as a national natural landmark.
"Health care or health services center" means an
					 establishment that consists of not less than 10,000 square feet devoted to
					 health care or health services where patients are admitted for or seek
					 examination and treatment by one or more physicians, dentists, psychologists,
					 or other medical practitioners, and which is located in a municipality with a
					 Municipal Revitalization Index distress score of at least 50, a distressed
					 municipality, or a qualified incentive tract.
"Hospitality establishment" means a hotel, motel, or any
					 business, however organized, that sells food, beverages, or both, with seating
					 for consumption by patrons on the premises.
"Incentive area" means an aviation district; a port
					 district; area designated pursuant to the State Planning Act, N.J.S.A.
					 52:18A-196 et seq., as Planning Area 1 (Metropolitan), Planning Area 2
					 (Suburban), or a Designated Center, provided an area designated as Planning
					 Area 2 (Suburban) or a Designated Center shall be located within a one-half
					 mile radius of the midpoint, with bicycle and pedestrian connectivity, of a New
					 Jersey Transit Corporation, Port Authority Transit Corporation, or Port
					 Authority Trans-Hudson Corporation rail, bus, or ferry station, including all
					 light rail stations, or a high frequency bus stop, as certified by the New
					 Jersey Transit Corporation; an area designated as a Brownfield Site pursuant to
					 the Brownfield and Contaminated Site Remediation Act, N.J.S.A. 58:10B-1 et
					 seq.; and an area of not less than 100 acres for which a licensed site
					 remediation professional has certified environmental remediation costs in
					 accordance with the Site Remediation Reform Act, N.J.S.A. 58:10C-1 et seq., in
					 an amount not less than $ 10,000,000, provided that any portion of such area is
					 located in an area that otherwise qualifies as an incentive area.
"Incentive award" means an award of tax credits to a
					 developer or a co-applicant, if applicable, to reimburse a developer for all or
					 a portion of the project financing gap of a redevelopment project pursuant to
					 the provisions at
					 N.J.S.A.
					 34:1B-322 through
					 34:1B-335.
"Incentive award agreement" means the contract executed
					 between a developer, any co-applicant, if applicable, and the Authority
					 pursuant to
					 N.J.S.A.
					 34:1B-328, which sets forth the terms and
					 conditions pursuant to which the developer and any co-applicant may receive the
					 incentive awards authorized pursuant to the provisions at N.J.S.A. 34:1B-322
					 through 34:1B-335.
"Incentive phase agreement" means, for a phased project,
					 the capital investment requirements, and the time periods in which each phase
					 of the project shall be commenced and completed. The incentive phase agreement
					 may be incorporated in the incentive award agreement.
"Labor harmony agreement" means an agreement between a
					 business that serves as the owner or operator of a retail establishment,
					 hospitality establishment, or distribution center and one or more labor
					 organizations, which requires, for the duration of the agreement: that any
					 participating labor organization and its members agree to refrain from
					 picketing, work stoppages, boycotts, or other economic interference against the
					 business; and that the business agrees to maintain a neutral posture with
					 respect to efforts of any participating labor organization to represent
					 employees at an establishment or other unit in the retail establishment,
					 hospitality establishment, or distribution center, agrees to permit the labor
					 organization to have access to the employees, and agrees to guarantee to the
					 labor organization the right to obtain recognition as the exclusive collective
					 bargaining representatives of the employees in an establishment or unit at the
					 retail establishment, hospitality establishment, or distribution center by
					 demonstrating to the New Jersey State Board of Mediation, Division of Private
					 Employment Dispute Settlement, or a mutually agreed-upon, neutral, third-party
					 that a majority of workers in the unit have shown their preference for the
					 labor organization to be their representative by signing authorization cards
					 indicating that preference. The labor organization or organizations shall be
					 from a list of labor organizations which have requested to be on the list and
					 which the Commissioner of Labor and Workforce Development has determined
					 represent substantial numbers of retail establishment, hospitality
					 establishment, or distribution center employees in the State.
"Lead Development Entity" means the entity that is
					 responsible for overseeing the redevelopment project and is relied upon by the
					 Authority to demonstrate operational capability, expertise, and experience to
					 complete the project. The Authority shall determine which entity is the lead
					 development entity by considering the role an entity has in the coordination of
					 activities related to the redevelopment project, including, but not limited to,
					 project design, project financing, permitting and local approvals, construction
					 oversight and contracting, and property management.
"Low-income household" means a household with a gross
					 household income equal to 50 percent or less of the median gross household
					 income.
"Low-income housing" or "low-income unit" means a housing
					 unit affordable to and occupied or reserved for occupancy by low-income
					 households.
"Major cultural institution" means a public or nonprofit
					 institution, not including an institution of higher education, within this
					 State that engages in the cultural, intellectual, scientific, environmental,
					 educational, or artistic enrichment of the people of this State, and which
					 institution is designated by the board as a major cultural institution. To be
					 designated, a major cultural institution shall demonstrate at approval either
					 an average of at least $ 2,000,000 in gross revenue in the most recent three
					 consecutive tax years or that it has raised at least $ 5,000,000 in
					 contributions and grants for a redevelopment project. Additionally, if the
					 major cultural institution was established less than three years prior to the
					 application, it shall provide an independent analysis that it has the ability
					 and likelihood to remain operational for the duration of the eligibility
					 period.
"Major rail station" means a railroad station that is
					 located within a qualified incentive area and that provides to the public
					 access to a minimum of six rail passenger service lines operated by the New
					 Jersey Transit Corporation.
"Median gross household income" means the median income for
					 households of the same size within the county in which the housing unit is
					 located according to the Federal Department of Housing and Urban Development
					 standard as utilized by the Agency for Federal low-income housing tax
					 credits.
"Minimum environmental and sustainability standards" means
					 the standards established by the Authority, in accordance with the green
					 building manual prepared by the Commissioner of the Department of Community
					 Affairs pursuant to N.J.S.A. 52:27D-130.6, regarding the use of renewable
					 energy, energy-efficient technology, and non-renewable resources to reduce
					 environmental degradation and encourage long-term cost reduction. The Authority
					 shall publish these standards on its website.
"Mixed-use residential project" means a residential project
					 with less than 700 units that qualifies as a transformative project.
"Moderate-income household" means a household with a total
					 gross annual household income in excess of 50 percent but equal to or less than
					 80 percent of the median gross household income.
"Moderate-income housing" or "moderate-income unit" means a
					 housing unit affordable to and occupied or reserved for occupancy by
					 moderate-income households.
"Municipal Revitalization Index" means the index created by
					 the Department of Community Affairs ranking New Jersey's municipalities
					 according to eight separate indicators that measure diverse aspects of social,
					 economic, physical, and fiscal conditions in each locality.
"Newly constructed residential unit" means a residential
					 unit that was not previously occupied as a residential unit with the same room
					 configuration, including, but not limited to, bedroom distribution, unit square
					 footage, and floor plan. Any change that combines existing rooms that does not
					 otherwise change the room configuration, such as combining separate kitchen and
					 living rooms into a single kitchen and living room space, shall not be
					 considered the construction of a newly constructed residential unit.
"Parking component" means any part of a redevelopment
					 project used for parking and ancillary uses. For a redevelopment project that
					 is not a phased transformative project, the parking and ancillary uses shall
					 not be the sole use of any building or structure and any other use shall have
					 at least 2,500 square feet. For a phased transformative project, the size of
					 the parking component shall be based on the number of parking spaces required
					 by the municipality or other applicable government entity that is applicable to
					 the redevelopment project.
"Port district" means the portions of a qualified incentive
					 area that are located within: the Port of New York District of the Port
					 Authority of New York and New Jersey, as defined at Article II of the Compact
					 Between the States of New York and New Jersey of 1921; or a 15-mile radius of
					 the outermost boundary of each marine terminal facility established, acquired,
					 constructed, rehabilitated, or improved in the South Jersey Port District
					 established pursuant to the South Jersey Port Corporation Act, N.J.S.A.
					 12:11A-1 et seq.
"Program" means the New Jersey Aspire Program established
					 by sections 54 through 67 at
					 P.L.
					 2020, c. 156, as
					 amended at P.L. 2021, c.
					 160, and
					 P.L.
					 2023, c. 98 (N.J.S.A.
					 34:1B-322 through 34:1B-335).
"Project cost" or "total project cost" means the sum of the
					 costs incurred in connection with a redevelopment project by a developer until
					 the earlier of the issuance of a permanent certificate of occupancy and the
					 certification of costs pursuant to N.J.A.C. 19:31V-1.8(f), or until such other
					 time specified by the Authority, based upon such other documentation evidencing
					 project completion as set forth in the incentive award agreement, for a
					 specific investment or improvement, including the costs relating to lands,
					 buildings, improvements, real or personal property, or any interest therein,
					 including leases discounted to present value, including lands under water,
					 riparian rights, space rights, and air rights acquired, owned, developed or
					 redeveloped, constructed, reconstructed, rehabilitated, or improved, any
					 environmental remediation costs, plus soft costs of an amount not to exceed 20
					 percent of the total project costs, and the cost of infrastructure
					 improvements, including ancillary infrastructure projects. Project cost shall
					 not include the cost of acquiring land. Project cost shall include otherwise
					 qualifying costs incurred by an affiliate of the developer. The fees paid by
					 the developer or any co-applicant to the Authority associated with the
					 application or administration of an incentive award pursuant to N.J.S.A.
					 34:1B-322 through 335 shall not constitute a project cost. When 100 percent of
					 the residential units constructed in a residential project are reserved for
					 occupancy by low- and moderate-income households, the term "project cost" shall
					 also include the total amount of developer fees paid before acquiring permanent
					 financing, as well as the deferred developer fees approved pursuant to the
					 rules established by the Agency.
"Project financing gap" means the part of the total
					 development cost, including reasonable and appropriate return on investment,
					 that remains to be financed after all other sources of capital have been
					 accounted for, including, but not limited to, developer-contributed capital,
					 which shall not be less than 20 percent of the total development cost, and
					 investor or financial entity capital or loans for which the developer, after
					 making all good faith efforts to raise additional capital, certifies that
					 additional capital cannot be raised from other sources on a non-recourse basis;
					 provided, however, that for a redevelopment project located in a
					 government-restricted municipality, the developer-contributed capital shall not
					 be less than 10 percent of the total development cost.
"Qualified incentive tract" means a population census tract
					 having a poverty rate of 20 percent or more; or a census tract in which the
					 median family income for the census tract does not exceed 80 percent of the
					 greater of the Statewide median family income or the median family income of
					 the metropolitan statistical area in which the census tract is situated.
"Random selection process" means a process by which
					 currently income-eligible households are selected for placement in restricted
					 units such that no preference is given to one household over another except for
					 purposes of matching household income and size with an appropriately priced and
					 sized restricted unit (for example, by lottery).
"Reasonable and appropriate return on investment" means the
					 discount rate at which the present value of the future cash flows of an
					 investment equals the cost of the investment. In determining the "reasonable
					 and appropriate return on investment," an investment shall not include any
					 Federal, State, or local tax credits. For a residential project that utilizes
					 Federal low-income housing tax credits awarded by the Agency, the "reasonable
					 and appropriate return on investment" shall be based on the approval of
					 deferred developer fees pursuant to the rules established by the Agency. In the
					 event that a residential project, which utilizes Federal low-income housing tax
					 credits awarded by the Agency, generates returns on equity other than Federal
					 or local grants or proceeds from the sale of Federal or local tax credits, the
					 "reasonable and appropriate return on investment" shall be based on both the
					 discount rate at which the present value of the future cash flows of an
					 investment equal the cost of the investment for the entire project, and when
					 evaluating only the units financed with Federal low-income housing tax credits
					 awarded by the Agency, the approval of deferred developer fees pursuant to the
					 rules established by the Agency.
"Redevelopment agreement" means a properly executed
					 agreement between a municipality and a developer that pertains to a property
					 being redeveloped and includes the redevelopment project, pursuant to the Local
					 Redevelopment and Housing law, N.J.S.A. 40A:12A-1 et seq.
"Redevelopment project" means a specific construction
					 project or improvement or phase of a project or improvement undertaken by a
					 developer, owner, or tenant, or both, and any ancillary infrastructure project.
					 A redevelopment project may involve construction or improvement upon lands,
					 buildings, improvements, or real and personal property, or any interest
					 therein, including lands under water, riparian rights, space rights, and air
					 rights, acquired, owned, developed or redeveloped, constructed, reconstructed,
					 rehabilitated, or improved.
"Rent" means the gross monthly cost of a rental unit to the
					 tenant, including the rent paid to the landlord, as well as an allowance for
					 tenant-paid utilities computed in accordance with allowances utilized by the
					 Agency for Federal low-income housing tax credits.
"Residential project" means a redevelopment project that is
					 predominantly residential, intended for multi-family residency, and may include
					 a parking component. When determining if a project is a residential or
					 commercial project, a parking component shall not constitute either a
					 residential or commercial use.
"Restricted unit" means a dwelling unit that is subject to
					 the affordability controls.
"SDA district" means an SDA district as defined at N.J.S.A.
					 18A:7G-3.
"SDA municipality" means a municipality in which an SDA
					 district is situated.
"Soft costs" means costs not directly related to
					 construction, including capitalized interest paid to third parties, real estate
					 taxes, utility connection fees, accounting, title/bond insurance,
					 fixtures/equipment with a useful life of five years or less, affordable housing
					 fees, and all costs associated with financing, design, engineering, legal, or
					 real estate commissions, including, but not limited to, architect fees, permit
					 fees, loan origination and closing costs, construction management, and freight
					 and shipping delivery. The term does not include early lease termination costs,
					 air fare, mileage, tolls, gas, meals, packing material, marketing and
					 advertising, temporary signage, incentive consultant fees, Authority fees, loan
					 interest payments on permanent financing, escrows, reserves, pre-opening costs,
					 commissions and fees to the developer not included in the definition of project
					 cost, project management, or other similar costs. Soft costs shall include
					 costs for benefits and services provided pursuant to the community benefits
					 agreement that are not directly related to construction of the project, subject
					 to the limitations at N.J.A.C. 19:31V-1.8(e)8.
"Square feet" means the sum of all areas on all floors of a
					 building included within the outside faces of its exterior walls, including all
					 vertical penetration areas for circulation and shaft areas that connect one
					 floor to another, but disregarding cornices, pilasters, buttresses, and similar
					 structures that extend beyond the wall faces.
"Total development cost" or "total redevelopment cost"
					 means any and all costs incurred for and in connection with the redevelopment
					 project by the developer and any affiliate of the developer until the issuance
					 of a permanent certificate of occupancy, or upon such other event evidencing
					 project completion as set forth in the incentive grant agreement, which shall
					 include, but is not limited, to project costs, soft costs, and cost of
					 acquisition of land and buildings.
"Transit hub" means an urban transit hub, as defined at
					 N.J.S.A.
					 34:1B-208, that is located within an eligible
					 municipality, as defined at
					 N.J.S.A.
					 34:1B-208 and also located within a qualified
					 incentive area.
"Vacant commercial building" means any commercial building
					 or complex of commercial buildings having over 400,000 square feet of office,
					 laboratory, or industrial space that is more than 70 percent unleased and
					 unoccupied for a period of over one year at the time of application to the
					 Authority, except that the amount of square feet in Atlantic, Burlington,
					 Camden, Cape May, Cumberland, Gloucester, Ocean, or Salem counties shall be
					 200,000.
"Very low-income household" means a household with a total
					 gross annual household income equal to 35 percent or less of the median gross
					 household income.
"Very low-income housing" or "very low-income unit" means a
					 housing unit affordable and occupied or reserved for occupancy by very
					 low-income households.
"Workforce housing" means housing that is affordable
					 according to the Federal Department of Housing and Urban Development or other
					 recognized standards for home ownership and rental costs, and occupied or
					 reserved for occupancy by households with a gross household income of more than
					 80 percent, but less than 120 percent, of the median gross household income for
					 households of the same size within the housing region in which the housing is
					 located.