MICHELE BROWN TAKES HELM OF EDA
By Tom De Poto/The Star-Ledger
October 9, 2012
Among the first orders of business yesterday for new Economic Development Authority president Michele Brown was to lift a cap on tax credits for residential projects.
With little fanfare, Brown got right down to business at her first meeting and rolled efficiently through the morning’s agenda in 70 minutes.
The board yesterday modified a decision at last month’s meeting that approved $100 million in Urban Transit Hub funds for large-scale residential development. The program had been on hold since February when demand outpaced the funding. The agency had approved $250 million in funds, with only about $30 million remaining.