This is a summary of a complex law.  You should consult an attorney for its particular application to your circumstances.

The New Jersey Economic Stimulus Act of 2009, which the Legislature passed last week and which is awaiting the Governor’s signature into law, provides four major economic stimuli to the development community – (1) a new tax increment grant/financing program to be known as “ERGG”, (2) an expanded and improved business attraction incentive program in urban transit hubs, (3) a new tax credit for developers of residential projects in urban transit hubs, and (4) a full moratorium on the affordable housing fee for certain non-residential projects, a total or partial refund of the affordable housing fee for certain non-residential projects and a corresponding reduction or elimination of the municipal actual growth share obligation generated by such exempted non-residential projects to the extent State or Federal funds are not available to partially or fully fund the fee such projects would otherwise have generated.

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