Governor Jon Corzine signed the New Jersey Economic Stimulus Act of 2009 on July 27, as a multifaceted approach to address the impact of the current economic downturn on the state of New Jersey. The Stimulus Act suspends nonresidential development fees and uses tax increment financing, tax credits and dedicated economic revenue streams to spur development and redevelopment, generate revenue for local and state government and encourage investment in higher education, technology and alternative energy.
Three key initiatives implemented through the Stimulus Act offer incentives particularly targeted towards New Jersey’s real estate development community: (1) the new Economic Redevelopment Growth Grant Program; (2) the expansion of the Urban Transit Hub Tax Credit; and (3) the elimination of nonresidential development fees to fund affordable housing. The combination of these mechanisms could potentially bring sufficient public capital and tax incentives to reinvigorate real estate development, particularly in New Jersey’s urban areas and designated centers for growth.
Economic Redevelopment Growth Grants
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