CHRISTIE ADMINISTRATION ANNOUNCES COMPETITIVE SOLICITATION FOR RESIDENTAL URBAN TRANSIT HUB PROJECTS
TRENTON, N.J. (October 25, 2012) – Building on the Christie Administration’s commitment to fueling economic growth in New Jersey, the New Jersey Economic Development Authority (EDA) today launched a competitive solicitation to spur major residential projects in the State’s urban centers. The EDA will utilize tax credits under the Urban Transit Hub Tax Credit (UTHTC) program to support qualifying projects.
Those interested in applying for the program should visit: www.njeda.com/uthtc-res
The solicitation, which closes December 20, 2012, will offer up to $100 million to support residential projects, and residential projects with mixed-used components, in eligible areas within the cities of Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson and Trenton. Tax credits are available for up to 35 percent of the total qualified capital investment per project with a maximum of $33 million, whichever is less. Last February, the EDA suspended applications for the residential portion of the UTHTC program, pending a review by staff.
“Governor Christie and the Legislature have worked to increase the efficiency of this program over the years, and as a result, New Jersey has been able to help advance transformational projects that are stimulating economic activity and improving the quality of life in our cities,” said Michele Brown, Chief Executive Officer of the EDA.
The UTHTC program was designed to encourage capital investment and increased employment in targeted urban rail transit hubs to catalyze economic development in these areas. Investors must make a minimum $50 million capital investment in an eligible location, with a minimum of $17.5 million of capital investment made in the residential component of the project. Tax credits are not distributed until a project is completed and the project has met the minimum $50 million investment criteria, offering performance based protection of public funding. Tax credits may be claimed over a 10-year period. No more than two projects per municipality will be awarded tax credits under the solicitation. All awards are subject to availability of funding.
Dates of note (all times are provided in Eastern Standard Time):
- Solicitation Opens: October 25, 2012.
- Mandatory Pre-Submission Conference: Friday, November 16, 2012 at 2:00 PM
- Q & A Period Ends: Thursday, December 13, 2012 at 5:00 PM
- Due Date: Submission Packages are due Thursday, December 20, 2012, at or before 3:00 PM
- Estimated Recommendation for Awards: April 9, 2013 EDA Board Meeting
- Expiration of Gubernatorial Veto Period: On or about April 25, 2013
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lieutenant Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA. The Partnership’s goals include attracting new business and helping existing businesses thrive by focusing on relationship building and person to person outreach, promoting the state’s incentives and resources, developing pro-growth policies, and assisting businesses in navigating state government and programs.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.