Governor Corzine Signs State Stimulus Bill

September 8, 2008
by BRETT SLENSKY
Client Alert Newsletter September 2009

On July 27, 2009, Governor Corzine signed the New Jersey Economic Stimulus Act of 2009 (the "Act"), which contains a number of targeted programs and incentives intended to stimulate job growth and New Jersey's broader economy. The programs authorized by the Act include: (1) an Economic Redevelopment and Growth Grant Program that will provide incentive grants (capped at 20 percent of total project costs) to developers for all or a portion of a project's financing gap to encourage redevelopment in certain designated areas of the state; (2) revisions to the Urban Transit Hub Tax Credit Act, which are aimed at expanding eligibility for tax credits and creating a tax credit set aside for certain qualified residential and mixed use projects; (3) retroactive relief to qualifying developers required to pay certain fees pursuant to the Statewide Non-Residential Fee Act; and, (4) a related $15 million appropriation to the New Jersey Affordable Housing Trust Fund.