On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act 2020 (ERA).  The package contains a new “HISTORIC PROPERTY REINVESTMENT PROGRAM,” A $50 million competitive tax program to leverage the federal historic tax credit program to support transformative rehabilitation projects of identified historic properties. 

To receive tax credits through the program a project must (1) rehabilitate a property listed on the State or National Register of Historic Places, approved by State Historic Preservation Officer, or designated historic through a MUNICIPAL ORDINANCE, (2) create an income producing property, (3) demonstrate that a project financing gap exists and (4) include a developer who has an equity participation of at least 20 percent. For more information, visit www.njeda.com/economicrecoveryact

Anyone can easily nominate a site for the National Register of Historic Places, which simultaneously nominates it for NJ State’s list. For instructions, visit https://www.nj.gov/dep/hpo/1identify/nrsr.htm

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