Bill > S4175

This bill revises various requirements of the New Jersey Aspire Program and establishes the Redevelopment Project Bridge Financing Program. The key provisions include: - Amending the definition of "project cost" to include additional costs for redevelopment projects in government-restricted municipalities, such as development, redevelopment, and relocation costs. - Revising the affordability controls for residential units constructed for low- and moderate-income households under the Aspire Program. - Establishing the Redevelopment Project Bridge Financing Program, which allows the Economic Development Authority to provide loans or loan guarantees to developers to facilitate the completion of redevelopment projects. - Authorizing the Department of the Treasury to redeem tax credits awarded under the Aspire Program at a discount of up to 10% of the face value. - Expanding the prevailing wage requirements for certain construction work related to the Aspire Program and other economic development incentive programs.

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https://www.njleg.state.nj.us/bill-search/2022/S4175