𝐍𝐉 𝐃𝐄𝐕𝐄𝐋𝐎𝐏𝐌𝐄𝐍𝐓 𝐀𝐔𝐓𝐇𝐎𝐑𝐈𝐓𝐘 𝐀𝐂𝐂𝐄𝐏𝐓𝐈𝐍𝐆 𝐑𝐄𝐒𝐈𝐃𝐄𝐍𝐓𝐈𝐀𝐋 𝐏𝐑𝐎𝐉𝐄𝐂𝐓 𝐀𝐏𝐏𝐋𝐈𝐂𝐀𝐓𝐈𝐎𝐍𝐒 (𝟔/𝟗/𝟐𝟎𝟐𝟏)

The New Jersey Economic Development Authority (NJEDA) is accepting applications for the residential component of the Economic Redevelopment and Growth (ERG) Program. The ERG program, which was originally created to address project financing gaps in development projects, previously stopped accepting new applications in June 2019 because its enabling legislation ended. The Authority first announced the re-opening of the program, enabled by $50 million in tax credits designated in the Economic Recovery Act of 2020 (ERA), in March.

Under the ERA, residential ERG projects can receive tax credits of up to 30 percent of total eligible project costs. Projects in Atlantic City, Camden, Paterson, Passaic, and Trenton can receive tax credits of up to 40 percent of eligible project costs. ERG tax credits are not meant to be a substitute for conventional debt and equity financing, and applicants should generally have their primary debt financing in place before applying.

For more info, see https://www.njeda.com/njeda-now-accepting-applications-for-residential-projects-under-economic-redevelopment-and-growth-program/

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𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.

𝐎𝐯𝐞𝐫 𝟑𝟓 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐈𝐑𝐒, 𝐍𝐘 & 𝐍𝐉 𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭𝐬, 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 & 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠.

𝐖𝐖𝐖.𝐓𝐉𝐂𝐀𝐑𝐑𝐎𝐋𝐋-𝐋𝐀𝐖.𝐂𝐎𝐌