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Bill > A5833
NJ A5833
NJ A5833Revises various requirements of New Jersey Aspire Program and establishes Redevelopment Project Bridge Financing Program.
summary
Introduced
12/04/2023
12/04/2023
In Committee
12/04/2023
12/04/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Revises various requirements of New Jersey Aspire Program and establishes Redevelopment Project Bridge Financing Program.
AI Summary
This bill:
- Revises various requirements of the New Jersey Aspire Program, including changes to affordability controls, eligibility periods, and tax credit award amounts and enhancements.
- Establishes a Redevelopment Project Bridge Financing Program to provide loans and loan guarantees to developers to facilitate the completion of redevelopment projects.
- Allows the Department of the Treasury to redeem tax credits awarded under the Aspire Program at a discount from face value to facilitate efficient monetization.
- Makes other technical and administrative changes to the Aspire Program and related laws.
Overall, the bill aims to encourage and support redevelopment projects in New Jersey by providing additional financing options and flexibility under the Aspire Program.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Assembly State and Local Government Hearing (10:00:00 12/18/2023 Committee Room 13, 4th Floor, State House Annex, Trenton, New Je) (on 12/18/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A5833 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5833_I1.HTM |
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