SN 4023 - NYU Furman Center

State Land Use Enacted Legislation

Bill #	State	Year	Party	Topic
SN 4023	NJ	2023	D	Affordable housing incentives and financing, Building code reform, Inclusionary zoning, Streamline application, Tax Incentives

Provided by Furman

Summary

Makes substantial changes to the New Jersey Aspire Program (Aspire Program), which is administered by the New Jersey Economic Development Authority (EDA) and was enacted as part of the “New Jersey Economic Recovery Act of 2020.”
Requires the EDA to develop affordability controls for residential units constructed for low and moderate-income households under the Aspire Program, including those utilizing LIHTCs. Exempts some projects receiving tax credits related to historic rehabilitation or historic property from affordability controls.
Includes developer fees and deferred developer fees in the calculation of total project cost for residential projects with 100 percent of units set aside for low- and moderate- income households, allowing these projects to claim a higher tax credit amount.
Includes prevailing wage requirements for redevelopment projects under the Aspire Program
Revises the maximum amounts of tax credits that may be awarded to redevelopment projects and transformative projects under the New Jersey Aspire Program, including allowing redevelopment projects located in areas with a certain poverty rate to receive tax credits up to 60% of total project costs.
Exempts residential projects in which 100 percent of residential units are set aside for low- and moderate-income households from entering into a community benefits agreement with the EDA and county or municipality.
Reduces the minimum number of residential units a residential project or mixed-use project is required to include to qualify as a transformative project under the program and be eligible for tax credits.

Provided by lawmakers