The New Jersey Economic Development Authority (NJEDA) today released for public feedback a draft rule proposal for the Historic Property Reinvestment Program, as established under the New Jersey Economic Recovery Act of 2020 (ERA). The Historic Property Reinvestment Program is a $50 million competitive tax credit program to leverage the federal historic tax credit program to incentivize transformative rehabilitation projects of identified historic properties.
The program, which is capped at $300 million over six years, focuses on historic preservation as a component of community development. Awards of up to 40 percent of rehabilitation costs are available for qualified properties, up to a maximum of $4 million. Qualified properties in a Government Restricted Municipality or Qualified Incentive track may be eligible for up to 45 percent of rehabilitation costs, up to a maximum of $8 million. Awards are scored on a competitive basis.
Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting two listening sessions for public input on the draft rules.
“Governor Phil Murphy and the Legislature advanced the ERA with the goal of creating programs that prioritize equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “The Historic Property Reinvestment program will do just that by ensuring that iconic New Jersey properties are renewed in a way that respects history while creating assets that support dynamic community development that enriches the lives of local residents.”
Draft Historic Property Reinvestment Program rules are available now for review here.
Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:
Members of the media interested in attending the session or submitting questions are asked to email firstname.lastname@example.org.
In addition to the Historic Property Reinvestment Program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfield properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.
For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.
Article Courtesy of the NJEDA