N.J. Admin. Code § 19:31V-1.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 19:31V-1.1 - Applicability and scope

(a) The rules in this subchapter are promulgated by the New Jersey Economic Development Authority ("NJEDA" or "Authority") to implement the provisions of the New Jersey Economic Recovery Act of 2020 establishing the New Jersey Aspire Program Act (Act), sections 54 through 67 at P.L. 2020, c. 156, as amended at P.L. 2021, c. 160, and P.L. 2023, c. 98 (N.J.S.A. 34:1B-322 through N.J.S.A. 34:1B-335) and shall apply to all Program applications completed after the effective date of P.L. 2023, c. 98 (July 6, 2023); except that in accordance with section 14(b) at P.L. 2023, c. 98, a developer that has submitted a completed application for a residential project and obtains all applicable approvals pursuant to the Municipal Land Use Law, N.J.S.A. 40:55D-1 et seq., for the project prior to November 4, 2023, and submits written notice to the Authority before the Authority's decision on the application, may proceed pursuant to the reasonable and appropriate return on investment definition, as amended by section 1 at P.L. 2023, c. 98 (N.J.S.A. 34:1B-323), the tax credit award limits, as amended by subsection b of section 7 at P.L. 2023, c. 98 (N.J.S.A. 34:1B-329) and subsection g of Section 9 at P.L. 2023, c. 98 (N.J.S.A. 34:1B-333), and the rules and statute in effect prior to July 6, 2023.

(b) Pursuant to the Act, the Authority shall administer the Program, including the establishment and administration of affordability controls that apply to the residential units constructed for occupancy by low- and moderate-income households pursuant to the Program, to encourage redevelopment projects through the provision of tax credit awards to reimburse developers for certain project financing gap costs. The requirement to reserve certain units for low- and moderate-income households and the affordability controls for all restricted units in redevelopment projects set forth in this subchapter apply solely as a requirement of this Program and do not replace or supersede any obligation pursuant to any other rule, regulation, law, or legal requirement. The Authority Board may approve the award of a tax credit award to a developer upon application to the Authority pursuant to N.J.S.A. 34:1B-326 and 327. The value of all tax credits approved by the Authority pursuant to the Act shall be subject to the limitations set forth at N.J.S.A. 34:1B-362.

Recodified from 19:31-23A.1 56 N.J.R. 807(a), effective 5/6/2024